You should not be indexing 768 characters in any circumstance I can imagine. Go ahead and try it. Spin up two tables, fill them with a few million rows, and slap and index on them. Give one a reasonable prefix limit, and let the other go wild. Make sure you ANALYZE each, then run queries in a loop and check the times.

Spoiler: I literally did this a couple of days ago. The index size bloat means that any possible savings you might have gained from collisions are obliterated from page fetches. I tested with a measly 128 characters vs. a prefix of 16, and that was enough for the average query time to be equal, with the smaller index winning for the minimum.