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There are people who have thought about this, e.g., http://onlinelibrary.wiley.com/doi/10.1002/cpe.2939/full

Personally I think it's a better idea to instrument your programs and count the number of memory (block) accesses or something. That metric might actually be useful to a reader a few years in the future. The fact that your program was running faster on a modern x86 processor from the year 2010 tells me nothing about how it would perform today, unless the difference was so large that you never needed statistical testing in the first place...

edit: I'm not sure if this paper is accessible to everyone, so here is an alternate link https://hal.inria.fr/inria-00443839v1/document