Switching converters do have bad efficiency at low current but even a 30% efficiency at 100uA (TPS61088 used in Zebralights ) or 5% at 10uA (TPS61288) means that the bulk of the power consumption is still the MCU (although it’d be nice to know what is the regulator used in the SP10S). Gchart measured the power consumption with PWM at different system clocks here : Adventures in TinyAVR 1-Series - #29 by gchart
5.5mA at 10MHz which is the sytem clock used, it could be decreased to 5MHz or 2.5MHz (<2mA) using the dynamic underclocking function but then we should check that the output ripple is still acceptable, if not then the RC filter could be modified to better smooth the PWM at the cost of rise/fall time (mostly an issue for party strobe).
There could be further gain using TCD and dropping the clock to 32kHz in moonlight. Or, even better to use the DAC instead of PWM which would then allow Zebralight class moonlight efficiency.