I wonder if this would work for python.

CPython merged[0] an experimental JIT compiler into mainline based on the author's previous paper, Copy-and-Patch

0: https://peps.python.org/pep-0744/

The Faster CPython team at least is aware of the paper and probably will look into it

https://github.com/faster-cpython/ideas/issues/707

do you mean more specifically than the generally similar approach that worked for https://pypy.org ?