You can symlink bzip2, bunzip2 and bzcat to lbzip2, and gzip, gunzip, gzcat and zcat to pigz:
sudo apt-get install lbzip2 pigz
cd /usr/local/bin
ln -s /usr/bin/lbzip2 bzip2
ln -s /usr/bin/lbzip2 bunzip2
ln -s /usr/bin/lbzip2 bzcat
ln -s /usr/bin/pigz gzip
ln -s /usr/bin/pigz gunzip
ln -s /usr/bin/pigz gzcat
ln -s /usr/bin/pigz zcat
I chose lbzip2 instead of pbzip2 because the /usr/share/doc/lbzip2/README.gz looks "nicer" than /usr/share/doc/pbzip2/README.gz. Also, the tar manual talks about lbzip2.
Edit:
pigz-2.1.6, which is included in Precise Pangolin, refuses to decompress files with unknown suffixes (e.g. initramfs-*.img). This is fixed in pigz-2.2.4, which ships with Quantal. So you might want to wait until Quantal, install the Quantal package manually, or don't link gunzip/gzcat/zcat yet.