Some numbers of a "real world" test case:
Lua 5.3.2 - rc2
gcc (Ubuntu 5.2.1-22ubuntu2) 5.2.1 20151010
-O2 -- default
real 0m35.837s 0m35.561s 0m35.643s
user 0m35.760s 0m35.468s 0m35.552s
sys 0m0.096s 0m0.112s 0m0.104s
-O3
real 0m35.055s 0m34.888s 0m34.852s
user 0m34.932s 0m34.764s 0m34.760s
sys 0m0.140s 0m0.120s 0m0.100s
computed goto -O3 -fno-gcse -fno-crossjumping
real 0m33.984s 0m34.134s 0m34.109s
user 0m33.812s 0m34.028s 0m34.032s
sys 0m0.168s 0m0.128s 0m0.096s
Then, "speedup" of approx 4%
-- Using one.tar.gz [1]
one -O2
real 0m34.728s 0m34.798s 0m34.863s
user 0m34.628s 0m34.708s 0m34.752s
sys 0m0.108s 0m0.104s 0m0.128s
one -O3
real 0m33.656s 0m33.913s 0m33.738s
user 0m33.532s 0m33.824s 0m33.632s
sys 0m0.136s 0m0.096s 0m0.124s
one -O3 -fno-gcse -fno-crossjumping
real 0m33.562s 0m33.430s 0m33.508s
user 0m33.452s 0m33.272s 0m33.368s
sys 0m0.128s 0m0.156s 0m0.140s
one computed goto -O3 -fno-gcse -fno-crossjumping
real 0m32.962s 0m33.114s 0m33.156s
user 0m32.864s 0m33.028s 0m33.036s
sys 0m0.116s 0m0.108s 0m0.140s
one computed goto -O2 -fno-gcse -fno-crossjumping
real 0m34.285s 0m33.833s 0m33.900s
user 0m34.160s 0m33.728s 0m33.780s
sys 0m0.144s 0m0.124s 0m0.120s
one computed goto -O3 -fno-gcse -fno-crossjumping
without the "-DLUA_COMPAT_5_2"
real 0m32.897s 0m32.894s 0m33.316s
user 0m32.816s 0m32.756s 0m33.204s
sys 0m0.100s 0m0.148s 0m0.132s
Then, "speedup" of approx 8%
Conclusion, "one computed goto -O3 -fno-gcse -fno-crossjumping" may represent a real improvement.