Building only the client and loadind old QVMs?

Since Q3 as architected to interpret the QVMs at runtime, is it possible to just compile ioquake3’s client, along with the opengl2 renderer, and use old UI, cgame and game QVMs?

Use the command:

You can also create a Makefile.local file and add those 2 lines to it and just type ‘make’

What are the possible bugs with this approach? Which improvements have been made to the client and not to the qvms that might depend on each other?