The optimal error exponents of binary composite i.i.d. state discrimination are trivially bounded by the worst-case pairwise exponents of discriminating individual elements of the sets representing the two hypotheses, and in the finite-dimensional classical case, these bounds in fact give exact single-copy expressions for the error exponents. In contrast, in the non-commutative case, the optimal exponents are only known to be expressible in terms of regularized divergences, resulting in formulas that, while conceptually relevant, practically not very useful. In this paper, we develop further an approach initiated in [Mosonyi, Szil\'agyi, Weiner, IEEE Trans. Inf. Th. 68(2):1032--1067, 2022] to give improved single-copy bounds on the error exponents by comparing not only individual states from the two hypotheses, but also various unnormalized positive semi-definite operators associated to them. Here, we show a number of equivalent characterizations of such operators giving valid bounds, and show that in the commutative case, considering weighted geometric means of the states, and in the case of two states per hypothesis, considering weighted Kubo-Ando geometric means, are optimal for this approach. As a result, we give a new characterization of the weighted Kubo-Ando geometric means as the only $2$-variable operator geometric means that are block additive, tensor multiplicative, and satisfy the arithmetic-geometric mean inequality. We also extend our results to composite quantum channel discrimination, and show an analogous optimality property of the weighted Kubo-Ando geometric means of two quantum channels, a notion that seems to be new. We extend this concept to defining the notion of superoperator perspective function and establish some of its basic properties, which may be of independent interest.

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