>1 might be ok but introduces a bunch of opcode space waste.

I wouldn't call it "waste". Moreover, it's fine for misaligned instructions to use a wider encoding or be less rich than their aligned counterparts. For example, they may not have the immediate offset or have a shorter one. One fun potential possibility is to encode the misaligned variant into aligned instructions using the immediate offset with all bits set to one, as a side effect it also would make the offset fully symmetric.