Sounds good. But, there is nothing wrong with using some other language as your intermediate 'bytecode.' If memory serves, early versions of C++ compiled to C, Arc (basically) compiles to Scheme, Python can compile to C, and many others.
Either way is good in my mind. But, I too, would appreciate some technical details about Wasabi (just out of academic curiosity). I feel like a lot of things I know about it are now outdated.
In FogBugz 7 the compiler output is .NET/CLR bytecodes.
It also emits compressed JavaScript which runs on the browser.