(define-symbol-macro %true-branches% ())

(defmacro with-compile-time-branching ((&rest branches) &body body
                                       &environment env)
  (cond ((not (null branches))
         (destructuring-bind (branch . other-branches) branches
           (let ((true-branches (macroexpand-1 '%true-branches% env)))
             `(if ,branch
                  (symbol-macrolet
                      ((%true-branches% (,branch . ,true-branches)))
                    (with-compile-time-branching (,@other-branches) ,@body))
                  (with-compile-time-branching (,@other-branches) ,@body)))))
        (t `(progn ,@body))))

(defmacro compile-time-if (branch then &optional else &environment env)
  (if (member branch (macroexpand-1 '%true-branches% env))
      then
      (or else `(progn))))

(sb-ext:restrict-compiler-policy 'speed 3 3)
(sb-ext:restrict-compiler-policy 'safety)
(sb-ext:restrict-compiler-policy 'debug)

;; Compiling the below produces 72 compiler notes

(defun make-adder (x &key huge-p enormous-p)
  (with-compile-time-branching (huge-p enormous-p)
    (lambda (y) (+ x y
                   (compile-time-if huge-p (print 1000) 0) ;; note the PRINT call
                   (compile-time-if enormous-p 2000 0)))))



CL-USER> (disassemble (make-adder 10))
; disassembly for (LAMBDA (Y) :IN MAKE-ADDER)
; Size: 28 bytes. Origin: #x5370C788                          ; (LAMBDA (Y)
                                                                  :IN
                                                                  MAKE-ADDER)
; 88:       488BD1           MOV RDX, RCX
; 8B:       E8A0432FFF       CALL #x52A00B30                  ; GENERIC-+
; 90:       31FF             XOR EDI, EDI
; 92:       E899432FFF       CALL #x52A00B30                  ; GENERIC-+
; 97:       31FF             XOR EDI, EDI
; 99:       E892432FFF       CALL #x52A00B30                  ; GENERIC-+
; 9E:       488BE5           MOV RSP, RBP
; A1:       F8               CLC
; A2:       5D               POP RBP
; A3:       C3               RET
NIL
CL-USER> (disassemble (make-adder 10 :huge-p t))
; disassembly for (LAMBDA (Y) :IN MAKE-ADDER)
; Size: 28 bytes. Origin: #x5370C788                          ; (LAMBDA (Y)
                                                                  :IN
                                                                  MAKE-ADDER)
; 88:       488BD1           MOV RDX, RCX
; 8B:       E8A0432FFF       CALL #x52A00B30                  ; GENERIC-+
; 90:       31FF             XOR EDI, EDI
; 92:       E899432FFF       CALL #x52A00B30                  ; GENERIC-+
; 97:       31FF             XOR EDI, EDI
; 99:       E892432FFF       CALL #x52A00B30                  ; GENERIC-+
; 9E:       488BE5           MOV RSP, RBP
; A1:       F8               CLC
; A2:       5D               POP RBP
; A3:       C3               RET
NIL