If I’m understanding your goal, you want to save space, correct?
You just want a condensed or compressed typeface. You want a smaller typeface.
Teeny-tiny Bibles have a long history, most of them as novelties to some extent.
I would read as much as you can about Retina by Tobias Frere-Jones: https://www.fastcompany.com/3063912/how-a-micro-font-designed-for-stock-indexes-became-a-classic
The principles in there were originally designed for printed stock listings in the Wall Street Journal, but those principles could be put to use in a wide range of ways.
Does it feel very "Biblical?" Not at all to me, but perhaps you could test Genesis or Jeremiah (two very long books) and see how much it reduces the length.
Spec by Ryan Bugden also came to mind: https://ryanbugden.com/Spec
Printing any long text in that is a bit bananas, but it does push the limits of "how small can you go?"
The pt size is going to make a lot more difference than this strategy of ligatures because you're fitting in more lines of type, not just reducing horizontal width by a small amount here and there.
I've had other projects on my backburner for a long time that take into account letter frequency and combos in English (and perhaps other Roman alphabet using languages), just for very different reasons with very different goals.
If we're sticking to the goal really being about saving space and reducing page count (and I’m understanding it right), then going as small as you can and as condensed/compressed as you can seems like the only answer, as well as reducing the leading as small as you can.
Will this be a pleasant reading experience? No. But something like Retina probably mitigates that as much as is possible.