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> 1. It opens the source file one more time. This is probably acceptable
> because existing code already opens it at least four times when -m (show
> missing) option is selected. (Twice in find_executable_linenos() and
> twice in linecache.getlines(). Fixing that would require refactoring of
> linecache code.
Create a function like linecache.getencoding() seems to be overkill.
I created issue #10335 to add a function tokenize.open_python(): open a Python 
script in read mode without opening the file twice and get the encoding with 
detect_encoding(). This issue is more generic than trying to optimize the 
trace module.
> 2. This will not work for source code not stored in a file, but provided by
> a __loader__.get_source() method. However it looks like trace will not
> work at all in this case, so fixing that is a separate issue.
For this case, I think that we can add a try/except IOError with a fallback to 
encoding = 'utf-8'.