Are you saying this is not a traditional operating system design utilizing the MMU for memory protection? If it is, then everything I said is accurate compared to software isolation in an OS like Midori. If not, then you should really point that out because it makes your project much more interesting!
Sure, your objective is a standard operating system, and that's a neat project. I'm just saying that a high-level language operating system provides many more opportunities for different kinds of trade-offs than found in typical commodity OSs. These aren't trade-offs you can make if you're going to support legacy code or traditional OS abstractions, without jumping through a lot of unnecessary hoops.