A newer engine with a OD trans and fuel injection will give you increased gas milage, I bought a C5 for a daily driver because it gets so much better milage then my C3 (my C3 had issues that I now can address since I drive the C5); the C3 gets more looks and is a different type of car.
You could put in a L98-OD trans and change your rear to a 3:08 and get good gas milage in a C3 and it will be stronger then your l48