I would not want to write build automation in a language with no simple script interface, no parallelism, primitive networking, no good facilities for external processes—you can't even pipe in Emacs Lisp—and zero integration into basically anything else.
YMMV, but to me that's basically the antithesis of what I'd want for build automation which is all about scripting, networking and calling external processes.
Emacs Lisp is a good language in its own way, and for its specific purpose, but I would not try to bend it for something it wasn't made for and is inherently poor at. The pain that I'd suffer from this choice on the long run isn't worth the temporary convenience of using this language—not that I'm a particular fan of Emacs Lisp anyway, but I think you get my point.
I'd use Python and Fabric, or Ruby and Rake, for the simple reason that these languages are frequently used for this purpose, so almost any problem that you can possibly find has already been solved before by someone else, which in turn means that you can spend less time on the boring task of build automation and spend more time on the real problem—unless build automation is your real problem, that is, but I don't hope so for your sake :)
TL;DR: No, and it never will.