I'd like to see such an article on a register based VM. Pawn and Lua are nice examples. Most VMs are stack based but this is mainly because they are conceptually easier to understand. Register based machines have some real advantages, like requiring far fewer instructions inside tight loops.
I intend to write up my findings, but haven’t gotten around to it yet. I do have slides for a talk for this project though: https://speakerdeck.com/ddfreyne/simulating-a-cpu-with-ruby