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I just had an idea, Armin.  What if, at the recursive call
site in PyErr_NormalizeException(), we called
Py_LeaveRecursiveCall() before and Py_EnterRecursiveCall()
after?  That would keep the recursion limit the same when
the normalization was done, but still allow the check in
PyObject_Call()::

Py_LeaveRecursiveCall();
PyErr_NormalizeException(exc, val, tb);
Py_EnterRecursiveCall("");

Since it is an internal call I think it would be safe to
"play" with the recursion depth value like this.  What do
you think?