With setup-deno, they publish a latest.txt file, and read from that when users request latest. I think we can do something similar here to preserve latest caching. So, when a user requests latest, we query for the latest version (cheap), then proceed to download the version as usual.
We could use the Axo releases API perhaps (\cc @zanieb who has context on this) or publish to a separate Git repo like setup-python.