Aaha, noted. So the way to stack exception handlers atop of each others are by continuation-capture as you gave an example of in the previous email, here applied to this usecase. Thanks for clarifying!
(with-exception-handler
(lambda (e)
(print "Outer.\n")
'outer-handler-result)
(lambda ()
(continuation-capture
(lambda (cont)
(with-exception-handler
(lambda (e)
(print "Inner.\n")
(let ((r (continuation-graft cont (lambda () (raise e)))))
(print "Passing on " r ".\n")
r))
(lambda () (list 'raise-returned: (raise 'err))))))))