I'd do the same thing others are doing, which is a hybrid of classic RISC and CISC elements:
* From the RISC side, adhere to a load-store architecture with lots of registers
* From the CISC side, have compressed variable length encoding and fused instructions for common complex operations (e.g. multiply-add, compare-and-branch)
That’s the right answer, IMO. To me, that sounds a lot like a RISC with some complex instructions, which is really where all RISCs have landed in any case. That said, I would use fixed length compressed instructions ala Thumb and RISC-V Compressed. And there’s nothing wrong with that patch of design space. That works.