Copy propagation is translated to index paths, invalidation of variable components is made more precise.
This, together with checking for non-static object references (which are not allowed in HLSL) allows to set object register sizes back to zero without overlapping registers.
I also included implicit array initialization, since, if I remember correctly, what was holding it back was that structs/arrays with object components couldn't be represented with the correct register offsets.
After this, we have to decide if (and how to) move register allocation and register offset calculation to each shader model.