It's fairly tedious to be doing this in Scheme, isn't it? We might let Scheme handle implementing the low level readc, and then in Arc redefine readc to be a more advanced function that can take an optional argument:
(mac redef (name parms . body)
" Redefine a function. The old function definition may be used within
`body' as the name `old'. "
`(do (tostring
(let old (varif ,name nilfn)
(= ,name (fn ,parms ,@body))))
,name))
It's the same as yours, except (a) it suppresses the warning on re-assigning an identifier, and (b) it calls the original function old.