The current crop of avgas fueled aviation engines are quite fuel efficient. There are a few models with BSFC numbers a tick below 0.4 pounds fuel per hour, 0.39 to be exact. Most are around 0.41.
Those are better numbers than ANY automotive engine I know of, or any other conventional engine I can think of. Air cooled aircraft engines achieve this due to large displacement, low RPM, high operating temperatures and low friction.
While diesel engines are more efficient than gasoline engines, you may be surprised at the small BSFC differences between gas and diesel aircraft engines.
In fact the engines in the Diamond Star are low powered engines turning high RPM's with a reduction gearbox. This impacts BSFC numbers in a negative way. They also use Jet A, a fuel with about 7% less energy than Diesel #2.
The BSFC numbers of the Thielert are not all that great. What is great about those engines is the turbocharging. It allows high power output at altitude, and therefore competitive cruise speed with a normally aspirated large gasoline engine. However the initial low altitude climb performance and OEI performance suffers.
Nearly every diesel conversion uses a lower powered diesel to replace a non modern, high powered gas engine. In addition, some have less cooling drag due to modifications. I suggest that in many cases, fuel consumption numbers are not truly comparable. I think this because performance numbers do not compare in many cases. In addition, modern turbocharged aircraft engines of any sort always provide better BSFC and cruise fuel burn numbers. They simply fly at higher altitudes.
I like the diesel idea, especially the turbo diesel. But there are many claims "out there" in aviation that clearly fall short. Half the fuel burn is one of them. The number is much more likely to be closer to 20% less.
Please understand, I like the diesel idea. In fact, I am giving some thought to the design and/or construction of a 6 cylinder turbodiesel aircraft engine.
Chris