In my view, for a performance-based design, you may tend to combine existing methods.

Sadegh Biabanifard Thank you sir. Could you please let me know how this technique is better than others in terms of performance.

The multiplexer approach is the easiest way of designing MVL circuits but is not very optimal.

Considering gate-based the performance relies on the gates that you choose.

Radix-converter-based usually is not the best option because while on the surface you have an MVL-circuit underneath it you have a binary circuit therefore not taking advantage of MVL. However, it is not definite and depends on the circuit.

There is always room for innovation and there is not much to say about it.