A 2nd register definitely helps with the performance. For the 3rd register (e.g. y) the return is usually smaller. It also makes quite some difference how fast memory access is compared to the operations inside the CPU. With modern highly integrated memory (e.g. SRAM) and discrete logic the memory is quite fast. In the old times with core memory, memory was relatively slow.
More / more powerful commands for the CPU can make the code shorter and this way save on the transistors needed for the memory and maybe a address line.
Looking for an optimal design, one can likely not just look at individual parts, like register width, mr registers or a HW multiplier or not. Some of the alternatives work well together, or call for other changes. E.g. an efficient hardware stack gets more important the more the stack is used. The rel. modern RISC V design has some new ideas (also in parts left out) that may be worth a look to get off the known old stuff.
Things depend a lot on the programs to write - some code may not need a 2nd register, while others get awfully slow or long without.
For comparing different possible CPU designs it would be about comparing a few real world program parts, like FFT, FIR filter, some sort algirithm, maybe a simple state machine, ... . Not every design would shine at all tasks.