There is likely no general anwer to this question. LLVM and WASM are sufficiently different technologies for different purposes. The original purpose of WASM was to enable code of statically compiled languages like C++ or Rust to run in the browser, whereas LLVM is a huge framework mostly useful as a compiler backend for a multitude of architectures. I'm aware that WASM is more and more used as a general purpose managed runtime (like the .NET ECMA-335 Common Language Infrastructure). And don't forget that there are much leaner, but still decent alternatives to LLVM, such as QBE (https://c9x.me/compile/) or ECS (https://github.com/EigenCompilerSuite/). So the answer to your question heavily depends on what you actually want to implement.
Please don't use WASM unless it runs in a browser, thank you. It could work reasonably well as bytecode target for an interpreted language but that's about it (yet to see good and performant WASM JIT compiler that can deal with overhead of using WASM itself).
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