Oh yeah, you could whip a sweet little Forth system up for this processor.
The first thing to do is to write a DCPU-16 assembler in Forth, and use that to write the primitives. That's pretty simple -- just look at the 6502 assembler: http://www.forth.org/fd/FD-V03N5.pdf
Using a metacompiler with a Forth DCPU-16 assembler would be the best way to go. Then you could easily experiment with different threading schemes, stack architectures, etc.
The first thing to do is to write a DCPU-16 assembler in Forth, and use that to write the primitives. That's pretty simple -- just look at the 6502 assembler: http://www.forth.org/fd/FD-V03N5.pdf
Some Forth systems have metacompilers so they can retarget themselves to different architectures. http://www.ultratechnology.com/meta.html
Using a metacompiler with a Forth DCPU-16 assembler would be the best way to go. Then you could easily experiment with different threading schemes, stack architectures, etc.