Static recompilations don't take nearly as long as full on decompilations and subsequent PC ports (assuming no AI is used for either).
For example, rpcs3 already uses static recompilation for much of its emulation already (in addition to more traditional emulation), and that runs a large chunk of the PS3's library.
The difficult part with static recompilation is to create the tool for the job, like ReXGlue for Xbox 360, N64Recomp, etc.