A conditional such as if can only be implemented as a macro if it expands to another conditional such as cond, which must be implemented as a special form.
I think the logic is to make if a "primitive macro," the way + is a primitive function. Just as you can't define + in terms of Arc functions, you can't define if in terms of Arc macros. Nevertheless, (isa + 'fn), and so the thinking is that (isa if 'mac) makes sense.
There are valid reasons not to do things this way, of course. For instance, what's so powerful about macros is that they literally expand into a code tree, which (as you observed) if can't do. For that reason, why not have (isa if 'form) (or 'prim, or 'special, or something similarly descriptive)? Then you have first-class special forms without literally making them macros. This would be a big improvement over the current state of affairs:
arc> (type if)
Error: "reference to undefined identifier: _if"
.
If can be implemented as a primitive function instead of a special form given the fn operator. It could take three arguments: a condition, a then function, and an else function and then call the appropriate function. An example implementation is:
(def if2 (cond then else)
(if cond (then) (else)))
If2 would be given as a primitive function and its implementation would be hidden like that of cons is. Given access to if2, a basic if construct is:
(mac basic-if (cond then (o else))
`(if2 ,cond (fn () ,then) (fn () ,else)))
This would make code walkers easier because they wouldn't have to know about as many special forms.