I've used Oberon, which has a module system quite similar to this, quite heavily, and the way to diminish link time is to not link, instead use dynamic loading:

I've used Oberon, which has a module system quite similar to this, quite heavily, and the way to diminish link time is to not link, instead use dynamic loading: leaf modules are loadable and unloadable, nonleaf modules can be made leaf by unloading all their descendants. Gives you the possibility for immediacy/flow, that a good REPL does. For many cases, you get edit/compile/run cycles measured in (often single-digit) seconds.