Either of those 2 options would not work, I'm sorry. If you make repeating macros you open the ability to basically bot. Skillups for instance.

/ma "Barfire" <me>
/ma "Barblizzard" <me>
/ma "Baraero" <me>
/ma "Barstone" <me>
/ma "Barthunder" <me>
/repeat

This would allow for easy skilling of magics, something SE does not what I'm sure.

Macros leading to macros creates this same problem, macro 1 leads to macro 2 leads to macro 1 again, creates a loop, thus another similar thing to boting and can be used for the same reasons.

More macro lines, limited, however longer than current, are the best option, however SE claims this is not able to be done for reasons unknown.