There are good reasons to make Gcode human readable and standard. All CNC machines use it. The makerbots use X3G which is already the binary form you are talking about and personally I hate the thing, you cannot debug the print file easily. Starting another version of the same thing using different instructions will only confuse people even more, there are already enough people that do not understand what is happening.

Small files has already been shown to be of little consequence in computing in general. Personally I am perfectly happy with the command line and using "control k" commands for print editing and formatting but that is not what made computers ubiquitous, it is the ability to see what you want rather than knowing what numbers do that has made the general public accept computers.

The Internet would real rock if everyone was happy with the information in any form, we could all have dial up and get pages instantly but it is not what people want so the Internet is full of bloat to make things easier for people to use. The same is true for Gcode and it is an excellent format for the job it does.

Maybe you can make it faster and smaller and more efficient but I and many other people read Gcode and use Gcode not only for 3d printing, I actually make simple machines for things like coil winding and linear movement for the most ridiculous one off jobs and drive them with Gcode because I know it and can write it manually like writing a letter.

By all means forge ahead and do it but it will never be accepted accepted by people in general and oyu are setting off down a road that I do not think you understand the complexity of yet.