> in principle the exact same optimization could be done for stackful coroutines.

Yes, I totally agree, and this is sort of what I imagine a better design would look like.

> One of the reasons Rust does it the way it currently does is because the implementation avoids requiring support from, e.g., LLVM

This I would argue is simply a failure of imagination. All you need from the LLVM layer is tail calls, and then you can manage the stack layout yourself in essentially the same way Rust manages Future layout.

You don't even need arbitrary tail calls. The compiler can limit itself to the sorts of things LLVM asks for- specific calling convention, matching function signatures, etc. when transferring control between tasks, because it can store most of the state in the stack that it laid out itself.