Using the example given is the TCP/IP guide, I made a comparison of normal PPP and Multilink PPP (just to have some fun).
Original frame size = 32 bytes = 256 bits
Stripped down frame size = 24 bytes = 192 bits
MP Frame size = 158 bits X 3
Size difference = |256 bits - 474 bits| = 218 bits
Time to transfer orginal on 64,000bps = 0.004s .....(1)
Time to transfer MP in 64,000bps X 2 = [(158X2)bits over 128kbps = 0.00246875s] + [158bits over 64,000bps = 0.00246875s] = 0.0049375s .....(2)
From (1) and (2), time taken my MP is more.
However, the Information field of PPP frames is variable. So when a larger amount of data is to be carried, MP is obviously more efficient.