I’ll look at the existing keymap and give it a try. As I said, xrepl in a terminal with Magic Racket in VS Code “ain’t bad.” Just did: In DrRacket, I tried ctrl-up; it works great, of course; and it's all I need. Solved.
As for whether any change might be beneficial--it's low priority. There must be better things to do given that the underlying functionality is all there (it was my mistake to not realize it was there all along...).
But, as a general matter I'll observe:
It seems more commonplace to use up-arrow to navigate through repl history. I think matching what nearly every terminal emulator does makes more sense. It seems fair to assume that most folks working with a REPL-based language are familiar with terminal emulators though I realize students (of any age) using DrRacket as an approachable way to get started may not have that familiarity.
Up arrow to move through the displayed lines is certainly expected behavior when navigating an editable canvas as in nano and nearly every editor in existence. But in a terminal/REPL, you generally cannot edit in place. You can only enter and edit on the entry line so returning prior inputs to the entry line is required. It's nice to make that as convenient as possible. Copy/paste is one way and so is riffling through recent entries. Generally, you are repeating something you did during the current session, either as is or with some changes--changes that can only be made on the entry line.
That said, it's hard to be insistent here. I generally hate keymaps and expect anything on OSX to match the os standards as being a "good citizen" app and meeting user expectations. Likewise for Windows users. Others can make a valid argument for cross-platform consistency (although consistent with what?).
As far as matching emacs, I pretty much despise emacs though I became briefly competent, though I needed a cheat sheet open at all times to do pretty much anything (and lots are very convenient if only I had accessible, reliable neurons to hold the keymap in my memory). Which must mean I really never did achieve competence--guilty.
That only lasted until I realized that SublimeText with the plugin SublimeRepl was every bit as good. And VS Code with send selection to terminal. To do this day I only know a handful of key commands (<= 10) and that includes the ones embossed on the key caps. I'll remember what I use over and over and no more.
Except for being able to modify emacs with elisp, I refuse to view emacs as magical--it was great in its day and remains the most functional terminal-based editor for editing content on remote servers--though VS Code and Sublime Text do so just as well (assuming you are using a desktop or laptop computer--does anyone actually use VT100 terminals any more?) when used in conjunction with a suitable ssh tool (embedded in most terminals and many file managers). Granted emacs appears as self-contained for such uses. I have to admit I use nano. I am not going to edit hundreds of lines for hours. I generally only need to change a small script or config file.
Please don't need slap me as a low-IQ slug for not bowing down to the genius of emacs (which generally seems to be the attitude of most emacs users/advocates). If you like it, it is wonderful--no one should contest that for you and no one will ever pry it from your cold dead fingers, as the expression goes. Only pointing out that equivalent capabilities exist in more approachable packages for people with different cold, dead fingers and neurons devoted to different skills and memories. In this amazing little corner of the world all of us can have our individual preferences honored. Hooray. Would that it were so in other realms.