Not necessarily, this actually sounds like a great bootstrapping tool. All you need to write on a new platform is a BLC interpreter, which should be easier to implement. Using the C->BCL translation, you might be able to build something like TinyCC and work up from there.
I would think that the amount of RAM used by the lambda-monster (100+ GB to compile single-page C files) would make a practical application like that rather unpractical, for the time being.
