compiling lots of distinct calls to local function is slow

(time
 (compile nil
  `(lambda ()
     (flet ((c (a b)
              (list a b)))
       ,@(loop for i below 512 collect `(print (c ,(random 10000) ,(random 1000))))))))

 Evaluation took:
  16.357 seconds of real time
  16.332863 seconds of total run time (16.213013 user, 0.119850 system)
  [ Run times consist of 0.049 seconds GC time, and 16.284 seconds non-GC time. ]
  99.85% CPU
  2 lambdas converted
  43,585,318,794 processor cycles
  4,592,853,744 bytes consed

similar times in 1.0.32.10 and "1.2.3.57-d88324a"

with fewer argument combinations, or with a global function, it compiles quickly:

(time
 (compile nil
  `(lambda ()
     (flet ((c (a b)
              (list a b)))
       ,@(loop for i below 512 collect `(print (c ,(random 2) ,(random 2))))))))
Evaluation took:
  0.088 seconds of real time
  0.088170 seconds of total run time (0.088170 user, 0.000000 system)
  100.00% CPU
  2 lambdas converted
  235,351,339 processor cycles
  23,577,632 bytes consed

(defun c2 (a b) (list a b))
(time
 (compile nil
  `(lambda ()
     (flet ((c (a b)
              (list a b)))
       ,@(loop for i below 512 collect `(print (c2 ,(random 2) ,(random 2))))))))
Evaluation took:
  0.028 seconds of real time
  0.027355 seconds of total run time (0.027355 user, 0.000000 system)
  96.43% CPU
  2 lambdas converted
  73,137,274 processor cycles
  6,634,448 bytes consed