There is already https://www.pypy.org/ which is about four times faster than CPython (which is not that much actually compared to e.g. V8, see e.g. https://benchmarksgame-team.pages.debian.net/benchmarksgame/...)
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Caveat: pypy is not _consistently_ faster than CPython. There are cases where it is slower, sometimes even by a large margin.
Of course. It's clearly visible e.g. on https://speed.pypy.org/ that it doesn't show equal performance on all benchmarks. The factor four corresponds to the geometric mean of all benchmarks. And as you say there are benchmarks where it even performs slower than CPython.