My experience has been that I/O burns less for a given engine. Inboards have very 'wet' hulls and I/O's can trim for different speeds. Also, propwash on a v-drive is not at the best angle for cruise like in an I/O. Then again, if you're gonna sack them down hard, your I/O will struggle longer to get up on plane and be burning lots of gas in the process.
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