It entirely depends on what your programming language is going to be like.
Personally I would strongly consider targeting the JVM or .NET, just because then you get a lot of "safety" for free, as well as a huge set of libraries your language can use. (Obviously with native code there are plenty of libraries too, but I suspect that getting the interoperability between them right may be trickier.)
I see no reason why you'd particularly want to write a compiler (or other part of the system) in C, especially if it's only for educational purposes (so you don't need a 100-million-lines-a-second compiler). What language are you personally most productive in?
