yep, that would be good, but branching will decrease speed. if you're aiming for highest decompression speed then current scheme should be better.
if speed is not an issue and you can afford decompression speed only about two times higher than lzx then you can go to gamma encoding.
gamma encoding allows unlimited match leghts and unlimited offsets. with eg. 16 mbytes sliding window you can beat lzx in compression ratio and decompression speed.