But if one doesn't care about tip friction (and therefore how heavy the top is) and only cares about air drag, a compact top with the mass against the axle may be ideal.
I would not be able to predict this theoretically because of my ignorance about mathematics, but I reached the same conclusion after this test.
The tops below have the same AMI but different weights/diameters.
The three tops were timed starting from 1250 RPM; the most compact one, (Nr. 28, red line), is the most efficient at high speed, where air drag is important;
after ten minutes, it was still spinning at almost 700 RPM.
The other two tops are less efficient and after ten minutes they were spinning at about 650 RPM, (Nr. 27), and 550 RPM, (Nr. 26).
In the second halves of the curves things reverse because of the tip friction becoming more and more important relatively to the air drag, and the tip friction punishes especially the Nr. 28 because it is the heavier top.
Still, after 20 minutes of spinning, the Nr. 28 is the best one.
Anyway, the Nr. 28, being the one with the highest CM on the tip, and having the shortest radius of gyration, is the less stable and topples down first. The Nr. 26, which has the lowest CM on the tip and the largest radius of gyration, is the more stable, and it spun for the longest time, in spite of losing more RPM at the start, for higher air drag, (larger diameter).
So things are a bit complicated because we have to consider the air drag, the tip friction, (at least with tops of this weight tip friction is significative), and the toppling down speed.