Since 160-bits does not go into base64 evenly anyways, what happens if you use 2^10 instead of 2^12 for the subdir names? That will be 1/4 the directories of the base64 given above.
I was going to try one-character subdirs, so 2^6, but I haven't had a chance to do that since I'm at LCA.
Anyway, I'm starting to suspect it's too late to change the format, especially since Linus seems highly disinclined.
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