Transmeta tried to do exactly what you are proposing i.e, have a software layer (Code Morphing) translate the x86 instruction stream to their native VLIW instruction set. They didn't go very far.
In the case of Intel the underlying architecture is really fast, whereas my understanding is that Transmeta failed because the VLIW architecture did not really work out.
If Intel Cpus use a Risc like architecture nothing would prevent static translation to it, which was not feasible for Transmeta cpus. The x86 software layer would then only be there to preserve backwards compatibility.
If Intel Cpus use a Risc like architecture nothing would prevent static translation to it, which was not feasible for Transmeta cpus. The x86 software layer would then only be there to preserve backwards compatibility.