The LUT counts do look competitive, until you realise that this doesn't include the cost of the microcode.

Probably fine on FPGA where there's lots of almost free BRAM, but on an ASIC where you'd need to use SRAM or mask ROM, or if you used LUTRAM, it would look very different.

Plus, the speed penalty for the microcoded instructions is huge. perhaps not as huge as SeRV :-)

That sounds reasonable, yeah. Presumably you'd write your inner loops purely in RVC instructions; in the situations where you'd use SeRV, you wouldn't be using it for your computational bottlenecks, which you'd build special-purpose hardware for, but just to sort of orchestrate a sequence of steps. But Minimax seems like it could really reduce the amount of stuff you had to design special-purpose hardware for.