Improve tracing

[belliottsmith]

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[ifesdjeen]

I hope this is not too confusing: as of moment of writing this, Improve Tracing (this) PR contains multiple commits, starting with rebootstrap. To make review simpler to track, I have made a separate PR where only tracing commit is displayed: belliottsmith#8 My (minor) comments are on the PR.

[ifesdjeen]

+1 as long as critical comments in belliottsmith#8 are either addressed or explained (in case my assumptions were wrong).