Solaris was known to do precisely this for everything in /bin. I recently saw this in action on a copy of SmartOS, and I imagine that OpenIndiana does the same.
It's a shame that no major Linux distribution has openly performed this analysis for x86-64 and AArch64. ARM Thumb is also the smallest Busybox available for ARM 32-bit.
On the other hand, two copies of libc are essentially thrashing the instruction cache.