FWIW, Cap'n Proto's approach provides application-level backpressure as well. The application returns from the RPC only when it's done processing the message (or, more precisely, when it's ready for the next message). The window is computed based on application-level replies, not on socket buffer availability.
My experience was that in practice, most streaming apps I'd seen were doing this already (returning when they wanted the next message), so turning that into the basis for built-in flow control made a lot of sense. E.g. I can actually go back and convert Sandstorm to use streaming without actually introducing any backwards-incompatible protocol changes.
If that's the case, then implementation-wise these approaches are probably very similar, and window/ACK is the normal way of doing this, and also the pragmatic approach in your case.
and I am curious if you have considered a fq_codel-like approach to message queuing? Sending a whole socketbuf kind of scares me.