After slowly going NUTZ trying to get this one to work, setting a flag did the trick.
The idea is to get the first arg as either quoted text or an address and if there is further code, place it in another .data section variable.
conout MACRO quoted,therest:VARARG
LOCAL txt
var = 0
invoke StdOut,reparg(quoted)
FOR arg,<therest>
IFNB arg
var = 1
ENDIF
ENDM
IF var eq 1
.data
txt db therest,0
.code
invoke StdOut,OFFSET txt
ENDIF
ENDM
PS: This is the next "print" macro which now performs identically to the masm version except it has the extra capacity of C string escapes within quoted text.