While messing around, I found that using MCpatcher, you can use resolutions lower than 16x along with above.
This brings the possibility of a literal 1x1 texture pack! I don't feel like zipping it, but here's an example terrain.png I made. I'm positive you need mcpatcher for it.
Enjoy! I'm not sure if it helps with FPS. I just know it would like need to load less texture data and might help. Hope you like. =)
Pretty sure it makes torches and the like invisible, too.
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"Some scientists claim that hydrogen, because it is so plentiful, is the basic building block of the universe. I dispute that. I say that there is more stupidity than hydrogen, and that is the basic building block of the universe." -Frank Zappa