That can not be done with perfect performance.
===========================
Yes, but there must exist (or to be invented) special techinques for
optimizations to some acceptable level.
Now approx 100% of WWW are utf8, most DB setups are UTF8, most text
editors are UTF8, most LINUX installations are UTF8.. Which will be in
3..5 years ?

There probably will be a reference counted utf-16 string type fore pure text
(like the current msestring) and there will be not reference counted 8-bit
strings (like Delphi string[<length>]) and a reference counted 8-bit string
type (like Delphi 7 AnsiString).
===========================
For the new compiler to be simple ("readable as letter" as claimed) we
need to make all its things simple - to leave a single universal
STRING type (definetely UTF8 or UCS32 but the later is space= cache
inefficient)  for strings.

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