How much are you paying for DreamHost? The cheapest Linode (http://www.linode.com/) plan is $20/month. Download and unpack MzScheme, fire up Arc, and you're up and running. Sounds to me quicker and easier than messing around with fcgi, unless there's something about your situation that I'm not realizing.
If you want your two web sites to be running with different domain names (www.mychurch.org, www.terrificrealtor.com), you have a couple options: you can run Apache (or any other HTTP server that can forward requests) in front of Arc, and be running two Arc processes, one for each site. Or you could hack Arc (or ask a hacker here to hack Arc for you) to look at the "Host" header.
Which lisp / web framework do you recommend?
Well, I use Arc myself, simply because I can use any language I want, and I like Arc. What I'd recommend for you would depend on what your goal was. If you want a powerful programming environment that will enable you to implement your two sites quickly and easily without having to do any Linux system administration, I'd recommend taking a look at AppJet (http://appjet.com/).