I believe the code for CBasic is all in the binary image dumped for CHDK conversion work?
Of course, it's just another part of the firmware.
Is it just a question that nobody has tried working through it that way ?
No one has succeed, I wouldn't say that no one has tried
Another thing to consider:
Currently, the only way we know to run a Canon Basic script is via "extend.m". There is also mention in the firmware of "A/autotest.m" but I wasn't able to determine how to run it. It is also possible that there is some way to execute an arbitrary script from the extend.m script.
edit:
Specifically, there's a LoadScript eventproc, but IIRC all I could get it to do was crash. (edit: or not do anything, I don't remember...)