I calculated the performance of Cavea A with various proportions of mercury —up to six times the mass of the primary propellant. (It was easy to fit mercury into the NQD calculation method.) As expected, the specific impulse dropped outrageously as mercury was added to the system, but the density impulse (specific impulse X propellant density) rose spectacularly, to peak at 50 percent above that of the neat mono-propellant with a mercury/propellant ratio of about 4.8.
Specific impulse is overwhelmingly the metric that matters for rocket performance in all but a small number of applications, so I feel justified in saying that your original claim that:
A traditional rocket becomes more efficient if you mix some mercury into the fuel. The loss of energy is made up for by the extra mass.
is simply not correct!