the efficiency here would be limited by how lean it's able to run. And that's limited by the materials used, if an all iron engine with forged internals/iron heads, steel rings/head gakset etc it should be able to reach a certain amount of air fuel ratio that brings combustion just under the point of melting the steel, around 2500+ deg F (1400+ deg C). I'm not a physicist or engineer so can't relate that in terms of numbers but I have had some upper level physical chem classes so I'd be able to follow along if anyone can do the math.
Smokey's fiero he used this in was originally a mid 20's mpg car with around 90hp/120tq something like that in a 2.5L, the iron duke isn't a high revving engine. He gained around an average of 50mpg and 250 hp, the hp isn't something amazing (unless you take a look at the AFR's he was running) but the mpg is just ridiculous.
What I was thinking whoever wanted to reproduce an engine like this, it's the best example out there of extreme lean burn. If the engine could be brought down from its normal running no spark/high AFR state to standard stoich AFR with spark like gas engines today, it could run a secondary fuel injection system (which would be off most of the time) that would allow it to really boost up the turbo. People have made 650+ hp on turbo iron dukes. It's tricky enough just to go from spark to no spark, but if this system could be made to come back down to spark and lower combustion temps you're really talking max efficiency in terms of fuel burn (extremely lean cruise/high AFR) and switching down to maximum energy output (lower AFR and boost controller to turn up psi). If somehow a cam was designed to be able to fit both of these scenarios I don't see how it would be difficult to achieve a regular 50+mpg/250 useable hp like smokey's design, and then when engine temps/AFR come down boost turned up around 400+hp (wasting a lot of gas then, but it'd be cool to have that feature).
I've looked into this some and it seems there are some Indian and Asian companies who have designs on ceramic piston engines, there are some ceramic rotary engines out right now I believe. This would allow even higher AFR's and efficiency, but I don't know how viable those engines would be at varying rpms since properties of ceramic aren't conducive to heat cycling of a normal engine. Ceramic would be a cheap way to get extremely hot combustion temps to lean burn more than iron, but iron/steel would be the best for power + mpg efficiency.