Do you really want to inherit autogenerated code? I doubt the autogenerated C# would be nearly as easy to understand or read as the original Wasabi code. I also think writing CLR object code, if it's anything like writing assembly, would be much easier to generate than C#.
Well, it is what they eventually did, after ten years. With tons of tweaks to make it spit out natural-looking outputs. I just don't understand why they didn't go that way from the start.