Among 4 pawns like white and black a&b pawns, you only need 1 pawn capture to allow the other 3 pawns to promote.
So for each 4 pawn cluster, 1 pawn takes another pawn, and the net result is +1 bit once the captor promotes. The remaining 2 pawns in the cluster each need 2 extra bits when promoted => 2 x 2 = 4 bits. So 5 bits per 4-pawn cluster, of which there are 4.
So maximum representation would be 162 + (5 * 4) = 182 bits?
I'm trying to prove that is the worst case, but there are just too many cases. I guess I'll try to use a program o brute force it or just forget about it.
So then we need maximum 182 - 4 = 178 bits
EDIT: Equivalently, we could suffix each non-empty piece in the sequence with an associated color bit