Compile-time function definition/call compatibility checking is misapplied for redefinitions in the presence of forward or self-references with inlining

What I do:
;;; Compile a file containing this with slime:
(defun forward-referencing (first)
  (forward-referenced first))

(defun forward-referenced (first)
  (or first (forward-referencing t)))

;;; Now compile these redefinitions:
(defun forward-referencing (first second)
  (forward-referenced first second))

(defun forward-referenced (first second)
  (or first (forward-referencing t second)))

What happens:
A style-warning is issued at the site of the call to forward-referenced:
"The function was called with two arguments, but wants exactly one."

What I expected to happen:
I think this type of error should be delayed until the end of the compilation unit and then "cancelled" if a redefinition that solves the mismatch is found.

Analysis:
I did quite a bit of testing on this. It appears that the problem is due to redefinition + forward or self-references + inlining. As evidence, simply adding (declare (notinline forward-referenced)) before the call to forward-referenced in the second batch (the redefinitions) solves the problem.

At first I thought the problem was that the call to forward-referenced was being inlined before its redefinition was seen, however I tested this assumption by calling forward-referenced with NIL at the REPL after doing these redefinitions (starting with the same definitions as I started with above):

(defun forward-referencing (first)
  (declare (inline forward-referenced)) ;; Even insisting doesn't give me the bad behavior I expected!
  (forward-referenced first))

(defun forward-referenced (first)
  (print first)
  (or first (forward-referencing t)))

-| NIL
-| T
=> T
The result indicates that forward-referencing correctly picked up the new definition.

So, perhaps the machinery that inlines calls and the one that signals warning for apparent definition/call mismatches are distinct and only the latter behaves incorrectly with redefinition + forward or self-reference + inlining?

SBCL version: 1.0.42
uname -a: Linux dynamorph 2.6.32-30-generic #59-Ubuntu SMP Tue Mar 1 21:30:21 UTC 2011 i686 GNU/Linux

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