I think this approach needs some tweaks, though. Mainly that the vpermb at the end is the inverse of what we want--the bytes at dense indices get spread out to the sparse indices (it works analogously to gather, but we want scatter). I can't think of a way around this right now...
That said, it's an interesting approach. I think the PEXTs would be the bottleneck in my code (looks like there's only one execution unit for them, whereas there's two for the VPADDs), and finding a way to parallelize all the VPADDs could lead to a nice speedup.