Note: aliases take precedence over functions.
Following link may be relevant regarding function overhead, it seems there is no overhead comparing to alias: 3.6. Functions, Aliases, and the Environment
Quoting Dan again: "Shell functions are about as efficient as they can be. It is the approximate equivalent of sourcing a bash/bourne shell script save that no file I/O need be done as the function is already in memory. The shell functions are typically loaded from [.bashrc or .bash_profile] depending on whether you want them only in the initial shell or in subshells as well. Contrast this with running a shell script: Your shell forks, the child does an exec, potentially the path is searched, the kernel opens the file and examines enough bytes to determine how to run the file, in the case of a shell script a shell must be started with the name of the script as its argument, the shell then opens the file, reads it and executes the statements. Compared to a shell function, everything other than executing the statements can be considered unnecessary overhead."