If the intention is to cause less lag, or just run things slower, I think sieving still wins. I don't actually run my sieve on a 1-clock (like most people do with sfm), its on about a 5-clock - simply for peace of mind. It's also not on most of the time.
Just... No. Sure, having something off will cause less strain, but the MFR laser drill is arguably the most CPU friendly way to dig for ores in the game. And this is assuming sieving just one sort of item is the alternative. Sieving requires some sort of activator or blockgate to run it. It requires something to get stuff to put in it, which will be 1 or more pulverisers. Those need power, which is a bunch of calculations on it's own to get it there, let alone the choice of how you're generating power. And then the fuel for whichever RF maker you're using will take more effort to create.
Only issue for a laser is the power source. And yes, if you're just stacking dynamos, it's not going to go well, but we have many better options in the pack.
As an aside, fair warning to people copying SFM setups from youtubers, it seems none of them (that I've seen, feel free to point someone out) have built their SFM sieving setup with a 'proper' on/off switch. The general issue is that flipping the switch on triggers a redstone clock loop, but flipping the switch off doesn't necessarily stop the loop unless you time it right. To fix this, you can include a 'redstone condition' check after the trigger/s to test if the lever is on or not (may require additional tweaking based on the setup - I can't remember the exact specifics/settings used).
How about the original / second version of this from VSWE, both the creator of this sifting system, and of the mod itself? The lever goes on the Emitter, next to the receiver. The logic is such that "On high edge / on low edge, do the stuff, oh, and switch to the other edge". By putting the lever on the emitter, you can force it up into the high edge, and hold it there. That way, when the machine gets that high edge, it tells the emitter to turn off (low), but the lever is still on, meaning that "On low edge" cannot fire.
When you turn the lever off, the emitter is already off, and so the low edge can fire, restarting the clock.
There is no issue with the on / off switch. I personally think it's a little too overpowered for what it is, so don't use the clock like this, but will be setting up an SFM sieve system soon on either a 1 second clock, or with multiple block gates on one sieve, if that works.