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Gave it a quick go - plugged it into an existing Attic backup script so it scanned/excluded the same dirs. Result:

7.9MB Attic etc backup -> 22MB Restic backup.

43GB Attic homes backup -> 71GB Restic backup.

That's dramatic. I'm not sure if restic has compression yet. If not, that could explain it.

And of course you can't do it after the fact because you can't turn off the crypto.