> Maybe I'm missing something, as this is a bit trickier than the usual
> shlop, but wouldn't it be more efficient to OI the last byte of &TARGET
> with x'F0', and skip the MVZ?  Using =C'0123...'-C'0'  for the TR table of
> course.

Maybe you are planning to do this a few billion times. 

Otherwise, do you mean more efficient in execution time,
memory used, or time spent coding and debugging?

Using the offset translation table requires that the origin is
appropriate, such that the displacement isn’t negative. 

As a general purpose macro, when you can’t be sure where
or when it might be used, that could be a problem. 

In addition, note the trial execution required when the translate
table crosses a page boundary.  

But most likely more time has been spent discussing the efficiency
than lost by any inefficiencies in the macro.

—glen

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