I think you have a few of my efficiency numbers wrong.
I state on my web site that Badboy is:
typical 85% efficient and drops in efficiency around 2V and below. At 2V the efficiency is down to 72%.
For a 2AA setup, most energy is gone when the two batteries drop to 2V. So, my converters start very high and drop slowely in efficiency as the battery demand goes up and battery voltage goes down.
If you look at Badboy output regulation is held to within +/- 1mA of load current over the complete regulation period.
If you really want high efficieny, try a Madmax 1675 which starts at 94% and drops down to 78% at the low end (1.2V).
I don't think you can get more efficient than direct drive, but, my converters come pretty darn close.
-Wayne