...to turn on tracing all syscalls as well as library calls. also need an option to turn on tracing of all library calls
I believe you almost never need to trace every symbol in the application. If the -all defaulted to syscalls and -plt=@MAIN, i.e. what ltrace does, that I would probably find useful. Maybe even -plt=, which is ALL library calls except for the calls in dynamic linker. But with the way ftrace works (i.e. over ptrace), that's prohibitively slow as each function call imposes two context switches (to debugger on SIGTRAP, and back on PTRACE_CONT). So all in all, I just don't think that -all would be very useful.