[plt-scheme] Development Cycle

I'm trying to figure out how to best use mzscheme in my development
environment - here is what I currently do:

1. Edit files in emacs

2. Place files in modules in my-collection

3. mzc --collection-zos my-collection

4. setup-plt --mode errortrace -l my-collection

5. Run program in emacs compile buffer

6. View error messages

7. Go to 1.

This process is not very pleasant because:
- step 4 is very time consuming
- the system runs extremely slowly if I run step 4.
- omitting step 4 leaves me without an errortrace and makes debugging
   quite challenging

I'm wondering if there is a way to get a more efficient development
cycle?

BTW, I'm quite attached to emacs and therefore, not really interested
in moving to DrScheme.