I remain skeptical (but would love to be proven wrong!).
Most of the point of recompiling (JIT or AOT) is to amortize instruction decode and dispatch costs versus an interpreter. If you have to do the cycle accurate bookkeeping anyway, you're most of the way to the overhead of an interpreter again. There'll be some savings around partial instruction streams that don't have effects outside the CPU core that can just be run as a burst, but I'm not sure it'll be a game changing amount.
Most of the point of recompiling (JIT or AOT) is to amortize instruction decode and dispatch costs versus an interpreter. If you have to do the cycle accurate bookkeeping anyway, you're most of the way to the overhead of an interpreter again. There'll be some savings around partial instruction streams that don't have effects outside the CPU core that can just be run as a burst, but I'm not sure it'll be a game changing amount.