But 1/4th the current means you can use a higher gauge wire. Looking at a table of wire gauge current capacities it looks like if your maximum current is 1/4th you can switch to wire with 1/4th the cross section. And resistance is inversely proportional to cross section, so 1/4th the cross section means 4x the resistance.
Doesn't that then bring the savings down from the 16x you would get if you just upped the voltage down to 4x?