> all in the same process where the plaintext HTTP requests and responses from very large numbers of our customers reside
The security of this looks very very fragile. Practically any vulnerability may leave the requests of all customers unprotected.
Compare with the common practice of isolating each customer on its own address space or, better yet, on their own VM, requiring a privilege escalation vulnerability (which is much rarer) to eveasdrop on other processes or VMs running on the same computer
edit: now, if you're running each wasm module on a separate process, sandboxed with seccomp-bpf, now that's another thing entirely, and might be more secure AND more performant than traditional VMs