Fuel consumption is dictated by the amount of HP used at that specific time. For gas engines it is close to 14 hp per gallon of gas per hour. It makes little difference if this HP comes from a 40 hp engine or a 75 hp engine. (there is a little friction with the very large motors, but many times larger motors actually test slightly better at these low planing speeds.
To get a boat on a plane, it requires that the boat has to "climb" over its bow wave--that takes xx amount of HP and is basically the limiting factor here. Shifting weight (human and fixed) can put a bow down, and get the stern up--and get a boat on plane faster. Those of us who grew up waterskiing behind low HP outboards had to do that to get the boats on a plane. We used a 30 hp on a 13 foot boat and slalom skiied. But it required weight shifted foreward, going up on two skiis (more planing surface) and then dropping the extra ski.
Yes, not having the extra weight of the other 40 on the boat would make a difference. Any weight makes a difference, as well as weight distribution. But do you want to cruise with no ice chest, minimal fuel, limited supplies and gear?
Then you have to take into account head winds, (increased resistance), wave patterns, as well as currents etc.
Yes, a round bottom boat, with narrow beam will be more effecient at displacement speeds--but then it will not plane--so no comparisoin.
Give it a try and see how you like it--then report back--you can always hang an extra engine on the stern. But like I said in another post--the cost of fuel is not the greatest cost of owning a boat. For example--storage may be $200 a month--that is $2400 a year--or at $2.00 a gallon for fuel--it is 1200 gallons x 4 miles a gallon--or 4800 miles on the water. There are very few C Dories who go 4800 miles a year on the water! Lets say that you spend $50,000 for a new C Dory. 6% interest (which you used to get on your investment conservatively--would be $3,000 a year-again 1500 gallons of fuel--you get the picture!
Don't give yourself a subprime boating experience because you feel that saving a few bucks on fuel will make a difference!