Seems like this is already supported...just gotta write it but maybe could be a larceny-extras thing or something.
For example, we could replace:
<bind tag="fallback">I'm missing ^_^</bind>
<missingTag />
with:
<withCustomFallback>
<fallback>I'm missing ^_^</fallback>
<content>
<missingTag />
</content>
</withCustomFallback>
which can help with scoping the fallback and make it clear within the XML structure!