Good stuff.
Here is an alternative route that I think would actually be better (assuming it is at all possible):
I would want the preview feature to have an alternative for “show annotations” (i.e along the alternatives “output”, “parse tree”, “differences from shadow”, etc). When this is active, the left editor shows the full code but with the annotations styled in very pale color (so only the code sticks out) and in the right pane it is the opposite; the code is totally invisible and only the annotations are seen.
I’d build this myself if I knew how to css target only comments inside the editor. And if I did know that, then I imagine this whole thing would be simple to create.