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There are 28 bytes of persistent memory. To save a name, use 5 bits per letter. That means 8 characters take 40bits = 5 bytes.

That certainly would be ideal, but unfortunately I'm not currently familiar or comfortable enough with binary operations to make it so. Even in its original PICO-8 form it could be taken from 128 bits down to the same 40. I know it's a terrible waste of space as it is now but I never pretended I really knew what I was doing with TIC-80 (or PICO-8 for that matter). Maybe one day it'll be that efficient but even if it's a jumping-off point for someone more skilled then it's done its job.

Would this help?

http://graphics.stanford.edu/~seander/bithacks.html