Earlier quoted context omitted.
Most lisp compilers do exactly as you suggest. Generally, lisp is implemented on a small core of maybe 20~30 functions, with everything else as macros. If you're curious about how lisps are implemented, I recommend checking out this series: https://www.youtube.com/watch?v=Wa81OJnlsoI
That's really not true of Common Lisp implementations. These have many more than 20-30 functions, and they all have to be there because one can obtain them as values and pass those values around (and, in the case of standard generic functions, add new methods for them). There may be specific expansions for calls to particular standard functions when the types of the arguments are known, or when particular keyword and…
What I mean is, there will only be 20~30 builtins; the rest can be implemented 'in userspace', as it were.
Though specifically in the case of cl, clos might complicate that somewhat, but probably not a ton.