[pro] substitution macro lisp extension?

Is there any well-known implementation of a macro similar to old Lisp Machine's defsubst, but not as fancy, one that simply emits a macro after doing a reasonable, if less than perfect, attempt to do substitutions and guarantee first-to-last arg once-and-once-only evaluation?

I realize that most people just use declare inline for this kind of thing. Or define a macro like defsubst just to emit a defun with a declare-inline declaration. I would like something that's different: something that always emits a macro def given a function-like semantics for args and body.

It's a pretty simple thing, but I was wondering if it's sitting around in a library somewhere. What's out there?

Thanks,

Mark