This is actually a really useful feature. The Ramaze Ruby framework does this by default and I like it a lot.
One thing that makes it even more convenient is automatically detecting what files to reload. Ramaze does it by using Ruby's $LOADED_FEATURES and $LOAD_PATH variables. You can get the same conveniece with Arc with a simple modification to arc.arc:
Nice. I was trying to think of an easy way to do this.
In order to not have to muck with the internals of load itself I wonder if you could wrap the saving path name functionality but then call the original load. Maybe this would be some new synatx / ability to add to the language? Of course this is just aspects which I thought Lisp could do so - I'm probably missing something.