I tried that. It doesn't work without knowing which variables are local and arc currently has no way of finding out, what the binding forms are, because all macros are unhygienic.
example:
(let list '(foo bar) (do (prn list)))
| | unbound | | |
mac | mac | function
function function
=>(let (global list) '(foo bar) (do ((global prn) (global list))))
We know that let binds its first argument and aif binds self, but since macros are turing-complete, this cannot be automatically inferred.
expand any macros in sub-expressions, then look at them. That's the advantage of avoiding "first-class macros", whatever their imagined advantages might be. ^^
