That engine is wider and taller than a 302. Even the most basic 302 can make 300+ horsepower and deliver for torque.
Engine swaps for fuel economy is a fools errand IMO. The cost to complete the swap will buy A LOT of fuel instead. Engine swaps are for more power. Be honest with yourself and you'll agree. More power is always more fuel. It takes a certain amount of fuel and a certain amount of air to make a give HP. Be it a turbo 4, V6 or V8 they will consume the same amount of fuel and air to make the same power. Only off power throttle can offer gains in economy.