It's more on the texture distortion or perturbation effect for EMBM, but that is another topic to discuss.
I'd be interested to see the new optimization methods that you have mentioned above, but for overall feedback, I'd say it's normal performance wise considering there's still alpha textures involved.
btw, any new z-sorting code in relic hunter? or same old tried and tested work? 😉 haven't checked that part yet..