Because Emacs (and Vim, but when talking LISP, especially Emacs) is already magic. The visualization proposed is nifty, but it's hard to beat Emacs for any code editing, let alone for LISP.
Also, check this out: http://www.foldr.org/~michaelw/emacs/mwe-color-box.el (you can see a screenie in http://www.foldr.org/~michaelw/emacs/color-box.png)