Wirth's Pascal-P compiler of 1974(?) used the same idea, also in aid of a highly portable compiler. I have never been able to find out whether this was an independent invention, or whether Wirth was influenced by Richards's work.
Of course, the JVM and CLR are descendents of this, but they build a very complex structure on the basic idea. Writing an implementation of one of these virtual machines is not for the faint of heart.
So I think Bedrock can be very useful as a compiler target, if nothing else. However, I must agree with some of the other commenters that the 64KiB address space makes it very much of a niche tool. Come up with a 32-bit variant that's not much more complicated, and I think you have a winner.