@latent iris
In almost no cases is it worth it to pack another texture in the blue channel and use some material nodes to append the Red/Green channel of a normal texture.
The Normal compression --under the hood-- Puts the Red channel of a normal map in the combined RGB channels, and the Green channel in the Alpha channel (which is basically a combined RGB channel to begin with), and generates the blue channel through magic code.
So unless a very specific situation, compress normal maps as normal maps, please.
Normal map compression also means that each level of mipmap chain, that is generated for your texture by the engine, will be re-normalized.
This limits the possibility of storing anything other than an actual normal map using this compression setting.