Sure, that will work, but it's log2 passes + temp framebuffers. As for overhead, I'm afraid it will eat a couple fps if you run it on every frame. In practice, though, I'm not sure that finding the exact maximum is that valuable for rendering: a good guess based on the dataset type will do. For example, if you need to render N points that tend to congregate in the center, using sqrt(N) as the heuristic for the maximum works very well.