Definitely not all. Some macros ("dXXX;") create and initialise variables used by one or more other macros. Those macros and the macros that use the variables declared by them couldn't be made into functions without a cost.
In fact, these are the only macros that gave me any confusion. The documentation isn't clear as ti what declares what and what uses what. The only other time I've had to look into the macros was to see what exactly is an acceptable input. (e.g. Is NULL ok?)
I'm not sure how much more readable inlinable functions would be. Looking down seven levels of functions is no easier than looking down seven level of macros. I imagine most debuggers are better at handling inline functions than macros, though.