For a given sufficiently strong formal axiomatic system $\mathsf{F}$ (like $\mathsf{PA}$ or $\mathsf{ZFC}$) and any given function $p^*(x)$ that can be specified within the formal system $\mathsf{F}$, Hutter's algorithm $M_{\mathsf{F},p^*}$ computes the function $p^*(x)$ nearly as quickly as any (provably quick) algorithm $p$ provably computing $p^*(x)$. More precisely
Let $p$ be any algorithm, computing provably the same function as $p^∗$ with computation time provably bounded by the function $t_p(\xi)$ for all $\xi$. $time_{t_p}(x)$ is the time needed to compute the time bound $t_p(x)$. Then Hutter's algorithm $M_{\mathsf{F},p^∗}$ computes $p^∗(x)$ in time $$time_{M_{\mathsf{F},p^∗}}(x) ≤ 5·t_p(x)+d_p·time_{t_p}(x)+c_p$$ with constants $c_p$ and $d_p$ depending on $p$ but not on $x$.
Here "provably" means that a proof can be found in $\mathsf{F}$. The algorithm could be interpreted as a generalization and improvement of Levin search, but I wonder whether it is always an improvement.
Can we use the formal system $F$ to construct a function $p^*$ for which Hutter's algorithm $M_{\mathsf{F},p^*}$ performs badly? How about asking whether a short proof of $\bot$ (i.e. a contradiction) can be found in $\mathsf{F}$? A short proof would be a proof with fewer than $n$ symbols, and we would use $x$ to encode $n$ in binary form. The function $p^*$ would just be a brute force search for the contradiction.
I think this should give a problem in $NEXP$, but the optimal algorithm to compute $p^*$ would have complexity $O(1)$, because the answer is always "no". But $M_{\mathsf{F},p^*}$ will take double exponential time in the length of $x$ to arrive at that conclusion, if I'm not mistaken. Now I wonder whether there are more interesting ways to make $M_{\mathsf{F},p^*}$ look bad, perhaps similar in spirit to Rice's theorem?