How about EPIC-esque packet-based instructions?

64-bit instructions with 4 bits indicating instruction formats (60-bit, two 40+20-bit variants, 30+30-bit, 20+20+20-bit, three 30+15+15-bit variants, and 15+15+15+15-bit). Have each larger instruction type be a strict superset of the smaller instructions, but with larger immediates, more registers, and maybe additional instruction formats (eg, for SIMD).

Something like that would be even easier to decode (converting short instructions to long is simply a bit of wiring). Instruction density should increase due to 20-bit instruction type. Having properly-aligned instructions would help with fetching performance. Larger instructions means you can jump 4x further with the same immediate and 16-bit offsets. No need to have some of the V extension workarounds (from not wanting to add 48-bit instructions).