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And of course, a quick google reveals that someone has already built it! https://github.com/itsFrank/MinecraftHDL
The Rust code is for the custom Minecraft server implementation they're using, found here: https://github.com/MCHPR/MCHPRS . It's optimized for redstone execution, highly parallelized, and uses Wasmtime's Cranelift code generator to JIT the redstone operations.
There are C compilers with redstone backends. And redstone HDL. So we could do that.
The assembler https://github.com/sammyuri/chungus-2-assembler