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Moving the "int io, instr_ub = -1, instr_lb = 0;"
declaration and the
"io = INSTR_OFFSET();"| statement below the "if
(tstate-c_tracefunc ...)"
test gives a small speedup on my machine and is a little
neater, IMHO.

I was worried that this would slow down "python -O".  That
doesn't seem to
be the case (at least I can't measure it).  Well done.