Hi Shmuel,
I think that this software could be very useful for octave users as the execution speed is a well-known weakness of octave. But when you use a interpreter for development and then compilation to native code (with C as an intermediate language), you can have the best of both worlds. Unfortunately, I could not try it out because I use Linux.
For me, licensing is also an important issue as a free software license gives me confidence that the software will continue to be available in the future and that I can correct a bug myself if I need to.
I understand that you want to allow proprietary application and to contribute to the community. I am not sure how your translator is built, but I guess it includes a translator program and a runtime library. If you choose for instance the GPL for the translator and LGPL for the runtime library, then this would also allow to generate proprietary application.
If you want to make a business, you can also use a dual license for the runtime library (GPL and commercial licence). An open-source programme under the GPL could directly use your programme (without a license fee), but a proprietary application developer would require to buy the commercial license from you if they want to sell a proprietary application because it would need your runtime library. The library QT used for a long time this license model.
Anyway, thank you for sharing!
Regards,
Alex