[racket] Use `set!' or not in this scenario?

Here is what Joe is saying, with fake macros; the first two parts are real: 

#lang racket

;; -----------------------------------------------------------------------------
;; an example using lexical scope

(define (f1-lexical-scope x)
  (define the-data (sin x))
  (define (f2 y)
    `(f2 ,(f3 y)))
  (define (f3 z)
    `(f3 ,(f4 z)))
  (define (f4 w)
    `(f4 ,the-data ,w))
  (f2 10))

(f1-lexical-scope pi)

;; -----------------------------------------------------------------------------
;; the same example with the 'monad' spelled out 

(define (f1-monad x)
  (define the-data (sin x)) ;; 
  ((f2 10) the-data))

(define ((f2 y) the-data)
  `(f2 ,((f3 y) the-data)))

(define ((f3 z) the-data)
  `(f3 ,((f4 z) the-data)))

(define ((f4 w) the-data)
  `(f4 ,the-data ,w))

(f1-monad pi)

;; -----------------------------------------------------------------------------
;; a sketch of how syntax would hide the monad where needed 

;; the following macros are fake, because I don't have time to write them out: 
;; see the HtDP language macros for #%app, which register functions too

;; defines the-data and initializes it 
(define-syntax-rule (create-store x) (define the-data x))
;; registers f as a store-passer
(define-syntax-rule (define-store-passer (f x) e) (define ((f x) the-data) e)) 
;; this supplements #%app so that when a registered store-passer f is applied,
;; it picks up the-data in a curried application; other functions work normally
(define-syntax-rule (apply-store-passer f x ...) (old-apply (f x ...) the-data))
;; pick up the-data from secret stash
(define-syntax-rule (access-store) 42)

;; if you had these macros, the above would read like this: 

(define (f1-monad.v2 x)
  (create-store (sin x)) ;; 
  (f2 10))

(define-store-passer (f2.v2 y)
  `(f2 ,(f3 y)))

(define-store-passer (f3.v2 z)
  `(f3 ,(f4 z)))

(define (f4.v2 w)
  `(f4 ,(access-store) ,w))

(f1-monad.v2 pi)