If you look in the long term run the best (and most difficult) solution would be to write an Arc compiler that translates Arc code directly in machine code.
I also suggest that. In fact, looking at Chicken's implementation - stack == heap - is rather inspiring, because it shows exactly how a garbage-collected memory manager should be done: just decrement a pointer, in this case the stack pointer. Brilliant IMO. Wish I'd thought of that.
