(There is no such thing as a "current GCW N64 emulator"; none has been released.)
Making a proper dynamic compiler (or JIT compiler, or recompiler, or dynarec, or dynamic translator) takes at least a year of research and work, and you can't just run the interpreter on the GCW like you can on PC, because PCs are massively overpowered and can handle 2400% overhead just fine.
The ARM dynamic recompiler in Mupen64plus emits code at runtime, issues jumps to it, rewrites some parts of the code after 1 or 2 executions and writes completely new code to the same locations later... all with ARM code. Can MagicCode can detect code generation, code rewriting and location reuse, and issue MIPS jumps to the locations of the MIPS code it wrote for the ARM code at the other end of ARM jumps?