Yes it is possible. The naive port of the interpreter for the compiler can be done relatively easily.
However, this will not be a big win in performance. The problem with any compiler for ZCode or Glulx is that they are both relatively low level. For example, Glulx supports indirect jumps and self-modifying code. There is no way to statically compile this into efficient native code. To make it really fast, you will need to compile a trace or something similar.
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