Honestly, I think modern (meaning wide, multiple instruction decoders, and designed today without back compat concerns) and byte-sized are sort of mutually exclusive. Most of those ISAs were designed around 8-bit data buses, and having simple ops only consume a single memory read cycle was pretty paramount to competitive performance. Without that constraint, there's probably better options.
IMO, you would either go towards bitaligned instructions like the iAPX 432 or the Mill, or 16-bit aligned variable width instructions like the s360 and m68k on the CISC side, and ARM Thumb and RV-C on the RISC side.
That being said, you're definitely thinking about it the right way. Modern Istream bandwidth conscious ISAs absolutely (and perhaps unsurprisingly) look at the problem from a constrained, poor man's huffman encoding perspective similar to how UTF-8 was conceived.