This is not a just-in-time compiler, it's an ordinary compiler. JIT compilers make judgements about which code to switch from some form of interpretation to machine code, on the fly. This project just compiles the whole equation.
You're really speaking about advanced JIT techniques. JIT isn't about switching between compiled code & interpreted code, or fast & slow code. It's about combining compilers and interpreters to get the benefits of both [0].