You should check projects like the The Mu Micro Virtual Machine and Eclipse OMR
http://microvm.github.io/
http://projects.eclipse.org/projects/technology.omr
The guys behind The Mu Micro Virtual Machine were the ones that did the L4 OS formal verification.
Eclipse OMR is based on IBM's J9, they are making it language agnostic to support PHP, Python, Ruby and whatever else one can think of.
However they aren't LLVM based and the caveats of a generic GC do still apply.
I also agree with you, the problem is how much those 20% actually are in terms of effort.
EDIT: typo where => were, on => one