Qwerty is actually already working on a lua implementation on the Prizm as part of the Khavi byte code interpreter which is currently being built with support for java, brainf***, and lua. Because the Khavi engine handles memory management, multi threading, and code parsing, there is no need to develop other byte code based languages from scratch.
Code parsing isn't particularly enforced. Khavi can handle C/ASM programs alongside the interpreter just fine if they play nicely with RAM.
Anyway, this project isn't dead. I've just been doing a lot of research to figure out all the algorithms.