The current AGI compiler, though a high-level language compiler, it still pretty much a bytecode assembler. The code it produces is pretty much a direct representation of the code you write. Because of the way it was designed, this is really the only way you could do the lanuguage. If statements, for example, are handled totally by the interpreter. It reads opcodes for IF, ELSE, OR, AND, NOT, ENDIF, etc. The only way to make more complex if statements would be to have the compiler write your own routines with gotos.
If you're interested in making your own compiler, I think it would be a great idea, just to do it for fun. An AGI compiler would be very simple, and only take about a week to finish completely.
It pretty much just compiles.
foo(1 2 v3)
to
$xx $01 $02 $03.
It's as simple as that. Then, you add nice things, like the ability to directly use strings in functions rather than having to declare them, then use their labels.
All in all, I think it will be a fun project for you. Maybe you could play around by giving it a different language front end? It's currently based off C, maybe you could base it off Pascal or something?
There is one missing feature that would be handly to add... functions! Just use some gotos and rets to create a structured programing lanuguage!