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If you have a specific use case in mind I would love to hear more about it. You can start a discussion on GitHub: https://github.com/lunatic-solutions/lunatic/discussions
That's why Elixir was created. BEAM and Erlang/OTP are awesome.
We don't have all details worked out yet, but as you mentioned, it would not come in the form of "run any code and we will be able to hot-reload it". You would need to use higher level constructs. Similar to how Erlang/Elixir builds the hot code reloading on top of GenServers that wrap a particular state, we would have language specific libraries. E.g in Rust we could have a higher level library similar to actix (https://github.com/actix/actix) where you define a struct that hold your state and spawn a process from it. In this case you would be able to point to the struct say "this is all the data".
Not at the moment, but this is the idea behind the WebAssembly interface type proposal.