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I've updated the draft PR to actually raise the exception from a pending call hook, rather than emulating it in a trace hook.
This was a bit trickier than I first expected, as it required moving the trace hook itself into C, as otherwise the "return" bytecode at the end of the trace function would trigger the just registered pending call (and the pending call processing isn't deferred in the trace function's frame).
Right now, the revised tests are failing though - I'm assuming that's a sign that the previous fix wasn't actually sufficient, and it only looked sufficient due to the way the errors were being emulated.