emacs keyboard macro converted to function

[Misko <asdrtg-mlist@yahoo.com.au>]

In emacs I can record keyboard macro, name it with
M-x name-last-kbd-macro snd save it in buffer with
M-x insert-kbd-macro
When I do this I get something like:
(fset 'mymacro
   "\C-[OA\C-[OA\C-[OC\C-[OC")

I would like to have something like this:
(defun mymacro ()
	 (previous-line 1)
	 (previous-line 1)
	 (forward-char)
         (forward-char))

Is it possible let emacs insert function names instead of
string of keystrokes?

When I edit keyboard macro (C-x C-k) I do have displayed function names
that correspond to keystrokes but it is laborious to create
function definition by hand when macro get a little longer.

Misko