You are definitely correct on most modern architectures which have a single operation count leading/trailing zeros that are typically no more expensive than an integer multiply. This has been latency = 3, throughput = 1 for most recent Intel arch.
I think a redo assuming modern architectures is long overdue; i.e. let's work off the basis that count leading/trailing zeros, PDEP/PEXT, etc are fast and cheap and start from there.
Bonus round: if you had a lot of these operations to do, then you still might be able to go faster on x86 on SSE2 or AVX2 by using this trick, as the penalty to pass a SIMD register full of integers to a floating point op or vice versa is just one cycle. This trick becomes obsolete yet again with AVX512, which introduces parallel count leading zeros.
Also multiply adds can be fused so if you're doing that it cab be faster to just multiply by a different number instead of bit twiddling.
I'm not sure which bit hack you're talking about that's done with a multiply or multiply-add. There's a nice use involving De Bruijin sequences for doing lg2 of a single bit that's very instructive - is that what you meant?
Edit: you obviously have to multiply by 8 to convert bytes to bits