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UTF-8's role as the de facto encoding standard in language models introduces cross-lingual inequities due to its variable-length design. However, the effect that this encoding choice has on model performance remains largely unexamined. In this work, we investigate how text encoding impacts the performance of byte-level language models, comparing UTF-8 with a wide range of other encoding strategies, including other Unicode-based approaches, language-specific encodings, and our own customized encodings. To facilitate our analysis, we propose Aether: a hybrid encoding scheme that uses script-specific encodings for our target setting while maintaining full Unicode coverage through UTF-8 fallbacks, using this framework to model four orthographically diverse languages. Surprisingly, we find that while languages with information-dense characters (Chinese, Korean) significantly benefit from compressive encodings, languages whose characters carry less information individually (Georgian, Tamil) are largely insensitive to encoding choice. In light of these findings, we argue that text encoding should be a language-specific design decision, rather than a universal default.