Note: This is an expansion of a previous comment, since the OP explicitely asked for weaker upper bounds.
The total degree of polynomial $f$ is bounded by $2^{L(f)}$ since each operation can at most double the degree of the polynomial. Thus, for each $m\in M$, $\deg(m)\le 2^{L(f)}$.
Now, for some variable $x$ and degree $d$, there is a SLP conputing $x^d$ by binary exponentiation if size at most $2\log(d)$. For a monomial $m=x_1^{d_1}\dotsb x_n^{d_n}$, one can separately compute each $x_i^{d_i}$ and then take their product. Thus $L(m)\le 2n\log(d) + (n-1)$ where $d$ is the total degree of $m$ (which is of course an upper bound on each $d_i$).
Together, one obtains for $m\in M$:
$$L(m)\le 2n\log(\deg(m))+(n-1)\le 2nL(f)+(n-1).$$
Since $n\le L(f)+1$, one can conclude
$$\forall m\in M, L(m) \le 2L(f)^2+3L(f).$$
Remarks. The bound as stated is very rough. In particular, the upper bound on $L(m)$ given is the second paragraph is not tight. Yet, domotorp's answer shows that one cannot hope for a much better bound, and more precisely that the quadratic dependence on $L(f)$ cannot be removed. To tighten the construction, one could use the best known constructions on addition chains. Note that the precise bounds are still not known for this problem.