The N64 CPU had an FPU, so it seems obvious that the best method, from both a speed and accuracy (or whichever is deemed more important) standpoint would be the same method that's used in all the libms in libcs like Glibc, musl or LLVM-libc, or in the standard libraries of languages like Go or Java: approximation using a polynomial. This polynomial is not derived analytically, rather it's found using an iterative algorithm, traditionally using the Remez algorithm, but also see my WIP project here: https://gitlab.com/nsajko/FindMinimaxPolynomial.jl.