Skip the walk when there is only one v1 copy, compare copies before looking up a ref, and compute each merge base once. On 5,000 checkpoints with 3,600 packed refs the scan drops from about 2.6s to 0.05s (one copy) or 0.2s (two copies).
Entire-Checkpoint: 01M6P0HN795D8XCHB06942QAM5