This was actually a schism in Lisp and why FEXPRs died out. CS theory wanted to compile things for speed and FEXPRs very much didn't fit into that. This is why macros took over--they were very much targeted at compile time.

The late John Shutt's thesis and work on the language he called Kernel goes into quite a bit of detail and the history about it: https://web.cs.wpi.edu/~jshutt/kernel.html

Sadly, Shutt never really "completed" the Kernel language--the language is very interesting but is extremely slow and unwieldy in the descriptions he gave. It generates a lot of garbage and extra "environments"; it resists compilation and memoization; it sometimes seems to go out of its way to deal with things that make life very difficult (circular and infinite lists).

A couple of good passes of optimization might have produced something very interesting.

I was personally attracted to it for very small embedded devices (<16K RAM/16K Flash) as it delgates a lot of macrology to interpretation--sadly I just couldn't get the footprint down far enough given all the garbage and environments the language generates. I suspect it's possible, but it would take someone who knew the landscape intimately to figure out what needed to be dropped.