For best results you can lha/lzx with no compression and compress the resulting archive with 7z/lzma/xz. That way the amiga attributes are preserved while also getting the best compress ratio.
Yea, Linux users do something similar to preserve file attributes and directory structure. I believe they commonly use tar and then 7z.
@ChaosLord
I have used Piotr Bardurski's 7za 9.13 (06/07/10) with 'x' for extraction without noticing any problems here. I have tried the xad module for 7z off of Aminet and it was VERY buggy and didn't recognize the 7z files I tried. It would be great to have a 68k xad 7z client. I have "xad UnFile", "xad UnDisk" and "xad List" in Diskmaster which makes the Linux multiple compressed files easy except for 7z and RAR

. I normally keep using "xad UnFile" on them until they are extracted without worrying about what format they are in.