I dont fully understand what you said but I guess higher probability logits are encoded with fewer bits. If your text is the LLM output then you may need a bit or two per token?
In terms of performance, I've not done any serious testing, but e.g. the wikipedia article on volcanos compresses to about 20% using GPT2. I've seen other strings compress even further.
The big issue is that while encoding is not unreasonable, decoding any significant amount of data is incredibly slow, since I'm doing a model run for every token in the output. It's bad enough that the scheme is probably unworkable as it is. I'm thinking about changing my code so that it streams out the tokens as it decodes them, so you're not just left there waiting for ages.
I supervised a student's project whose goal was exactly that : implement compression with LLMs using AC.
Since AC is optimal, if your LLM has an average cross entropy x on some dataset, you can expect that the compression will compress data using x nats per token on average!