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Re:JavaScript to Rust and Back Again: A Wasm-Bindgen Tale by vardump on Wednesday April 04, 2018 @04:59PM (#16759011)
This is somewhat related, although embedded here means embedding interpreted WASM into a CLI application.

Similar method might be doable on an MCU.

https://fosdem.org/2018/schedule/event/rust_embedding_wasm/

Then there's "WebAssembly interpreter in C":

https://github.com/kanaka/wac

Looks like it might be good enough for implementing WASM "scripting" support in smallish environments.

Re:JavaScript to Rust and Back Again: A Wasm-Bindgen Tale by steveklabnik on Wednesday April 04, 2018 @05:04PM (#16759067)
https://crates.io/crates/parity-wasm is an interpreter in Rust; there's some really interesting stuff happening with it in various forms. One of the most... extreme is https://www.reddit.com/r/rust/comments/88sxah/nebulet_can_no... (There are some more production-aimed things as well.)

I think this idea has a lot of merit, overall, exactly as you say: kind of like a Lua.