Do you really believe the only way to implement ligatures is with a virtual machine? Dumb and dirty psuedocode written in 5 seconds of thinking about it but come on, this is not that complicated.

  for each character in text
    characterToPrint = Parse(character)
    if character is LigatureStartCandidate
      characterToPrint = LookAheadForNextLigatureCandidateAndResolve(character)
    Print(characterToPrint)