Hm, last time I wrote a constant elimination I did so in the optimizer pass over the AST (as part of a lecture, we built a custom C frontend for LLVM and added some optimization passes). What you describe replaces e.g. "x = 3 + 4;", but you get that for free once your optimizer is able to replace more complicated things (e.g. "a = 3; b = 4; x = a + b;").

Also, your parser becomes more complicated; when writing a toy compiler, I think having a clean parser is worth a lot.

But of course it can be done ;-)