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There have been efforts in that direction for a long time: http://www.emacswiki.org/emacs-en/GuileEmacsHistory . The current push seems to have reached the "80% done, 80% to go" stage.


Not really. Look at the "Current State" section here:

http://www.emacswiki.org/emacs-en/GuileEmacs

> As of the end of GoogleSummerOfCode 2014, the Elisp engine of Emacs is fully replaced with that of libguile, and most things Just Work™. Some performance regression of dynamic scoping (lexically scoped code should be fine), and broken corner cases (like crazy Elisp macros that directly output legacy Elisp bytecode) remain.




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