IMHO, any scheme to pre-heat the hot water in the line, for instant access,
is going to have a considerable heating cost (per year). Even with good insulation on PEX pipes.
I would recommend doing the math, before going after this problem.
Most times, when I'm washing up or washing something in the sink,
I don't just stand there and let the lukewarm water run down the drain. It gets used.
It might not be convenient, to wait for the water a couple times a day, but it's
going to more
economical in most cases.
I think that 1/2" PEX with insulation over it, is about as far as I'm willing to go..