$ cat test.asm
%ifdef P2
                ; Call with word parameters behind opcode
        %imacro call 2-*.nolist
                %? %1
%rep %0 - 1
%rotate 1
                dw %1
%endrep
        %endmacro
%warning p2
%else
                ; Call with word parameters behind opcode
        %imacro call 1-*.nolist
                %? %1
%rep %0 - 1
%rotate 1
                dw %1
%endrep
        %endmacro
%warning p1
%endif

%ifndef REPEAT
 %assign REPEAT 100_000
%endif


        cpu 386
        bits 32
        org 0

%rep REPEAT
        call alpha
        call beta
        call gamma
        call delta
%endrep

alpha:
        nop
        nop
        nop
beta:
        nop
        nop
        nop
gamma:
        nop
        nop
        nop
delta:
        nop
        nop
        nop

$ oldnasm -v
NASM version 2.15rc0 compiled on Dec 28 2018
$ time oldnasm test.asm -Wno-macro-params -DP2
test.asm:10: warning: p2 [-w+user]

real    0m2.429s
user    0m2.406s
sys     0m0.008s
$ time oldnasm test.asm -Wno-macro-params
test.asm:20: warning: p1 [-w+user]

real    0m9.497s
user    0m7.906s
sys     0m0.802s
$ time oldnasm test.asm -DREPEAT=1 -DP2
test.asm:10: warning: p2 [-w+user]
test.asm:37: warning: macro `call' exists, but not taking 1 parameters [-w+macro-params]
test.asm:37: warning: macro `call' exists, but not taking 1 parameters [-w+macro-params]
test.asm:37: warning: macro `call' exists, but not taking 1 parameters [-w+macro-params]
test.asm:37: warning: macro `call' exists, but not taking 1 parameters [-w+macro-params]

real    0m0.006s
user    0m0.002s
sys     0m0.003s
$ time oldnasm test.asm -DREPEAT=1
test.asm:20: warning: p1 [-w+user]

real    0m0.012s
user    0m0.003s
sys     0m0.002s
$ /usr/bin/nasm -v
NASM version 2.12.01
$ time /usr/bin/nasm test.asm -Wno-macro-params -DP2

real    0m2.238s
user    0m2.225s
sys     0m0.007s
$ time /usr/bin/nasm test.asm -Wno-macro-params

real    0m6.745s
user    0m6.726s
sys     0m0.005s
$ time /usr/bin/nasm test.asm -DREPEAT=1 -DP2
test.asm:37: warning: macro `call' exists, but not taking 1 parameters
test.asm:37: warning: macro `call' exists, but not taking 1 parameters
test.asm:37: warning: macro `call' exists, but not taking 1 parameters
test.asm:37: warning: macro `call' exists, but not taking 1 parameters

real    0m0.006s
user    0m0.001s
sys     0m0.005s
$ time /usr/bin/nasm test.asm -DREPEAT=1

real    0m0.004s
user    0m0.001s
sys     0m0.003s
$ nasm -v
NASM version 2.15rc0 compiled on Aug 20 2019
$ time nasm test.asm -Wno-macro-params -DP2
test.asm:10: warning: p2 [-w+user]

real    0m2.520s
user    0m2.510s
sys     0m0.006s
$ time nasm test.asm -Wno-macro-params
test.asm:20: warning: p1 [-w+user]

real    0m14.976s
user    0m9.204s
sys     0m1.168s
$ time nasm test.asm -DREPEAT=1 -DP2
test.asm:10: warning: p2 [-w+user]
test.asm:37: warning: multi-line macro `call' exists, but not taking 1 parameter [-w+macro-params-multi]
test.asm:37: warning: multi-line macro `call' exists, but not taking 1 parameter [-w+macro-params-multi]
test.asm:37: warning: multi-line macro `call' exists, but not taking 1 parameter [-w+macro-params-multi]
test.asm:37: warning: multi-line macro `call' exists, but not taking 1 parameter [-w+macro-params-multi]

real    0m0.006s
user    0m0.002s
sys     0m0.003s
$ time nasm test.asm -DREPEAT=1
test.asm:20: warning: p1 [-w+user]

real    0m0.004s
user    0m0.001s
sys     0m0.002s
$