I'm particularly proud of this meta approach and I am actually thinking this could become huge: the same thing can be done for hyperparameter optimization in machine learning tasks.
Hyperparamter optimization is currently focused on minimizing cross-validation error, but using this concept you could have weights on accuracy, training time and prediction time (very similar to compression where the 3 dimensions are size, write time and read time), and then given a new unknown dataset you could predict what model/hyperparameters to use.
Maybe this should be patented ;)
There is already a substantial field of Machine Learning/Meta Learning which focuses on exactly this. For example, this paper [1] from NeurIPS 2015 does exactly what you suggest.
[1]: https://papers.nips.cc/paper/5872-efficient-and-robust-autom...
To make it extra clear: by doing a lot of compute on different datasets and not only recording the accuracy but also time it took, and then by including that as dimension it will even give better results.
There was, how ever, no machine learning or optimizing. Instead, he called it "prospecting" and just generate a new one from scratch each time until he found something interesting.
https://nullprogram.com/blog/2018/07/31/