Any modern low bit rate stream would likely be using a modern compression alogrithm.also keep in mind that, by using toggles or escape sequences one can extend the character set dynamically without expanding the bit depth.
Many modems used compression to speed up their transfers.
I used to use a 110 baud teleprinter back in college to print out english papers. It had the best printing quality, but the terminal was far enough away from the main lab that 110 was the only thing they could use reliably.
I've done work on a 300 buad acoustic teleprinter as well.
For me, 1200 baud was pretty usable, especially for the type of work we were doing at the time. 300 baud was never really "comfortable". 1200 baud is almost reading speed. 2400 baud was just about perfect.