Some encode.su forum members have already won the hutter prize.
Following the same dilemma, speed or better compression?
You can use wrt44.zip (preprocessor) with bzip3.
Zpaq has good speed but lower compression.
paq (Matt Mahoney) series has good compression but lower speed.
http://mattmahoney.net/dc/http://mattmahoney.net/dc/paq.html$./paq8l -1 win64.inc
78215 bytes, Time
6.55 sec, used
38862968 bytes of memory
$./paq8l -8 win64.inc
61151 bytes, Time
44.14 sec, used
1643021320 bytes of memory
There are some versions of paq containing dictionaries that can compress more. We can create our own dictionary. Some mixing contents done to jpg,bmp,wav,... .
Jpeg used huffman in past because patents, now I see persons using arithmetic coding instead. Probably old mpeg,jpeg files can be compressed.