This whole efficiency argument is twisted a bit by marketing. A designer liek Doug will tell you if you want additional low end from a driver, you can optimize t for this but the efficiency will decline.
That’s a matter of size, not that you can’t mate efficiency with extension on principle. My tapped horn subs 97dB sensitive and will do ~127dB’s at the tune, which is 22Hz. 20cf. volume per cab - that’s (one of the reasons) why.
So your 102dB 1w/1m speaker may not have such good dynamics with a 20W amp if 1W= 102dB SPL then .2W=105, 4W =108, 8W =111, 16W=114dB SPL and we are out of [low distortion] power. That’s 12dB of dynamic range! That’s not even equal to the dynamics of vinyl.
Why would you limit the power to 20W for this example? Only suits your argument. I have a 97 to 111dB sensitive subs to main speaker setup powered actively by ~2.5kW total - problem solved.
So now compare a speaker with 86dB 1w/1m: 2W = 89dB, 4W = 92dB, 8W=95dB, 16W = 98dB, 32W =101dB, 64W=104dB, 128W= 107dB, 256W = 110dB SPL! So the 86dB 1/1m speaker on a 250W/ch amp has 24dB of dynamic range! That's a huge increase when you take into account the log level nature of dB SPL, ideas such as 10dB SPL is considered twice as loud. 12dB dynamics is never better than 24dB dynamics, under any measurement or circumstance.
That's being creative. Not only will you have to deal with peak power compression effects here but long term power compression as well, which in effect limits the available dynamic bandwidth. May look good on paper, but..