^^ Definitely...
I feel there are some other things that could help it too like low rolling resistance tires of a narrower variety. Vettes come with some REALLY wide tires and that burdens them considerably.
I was thinking of a smaller engine too, maybe not even a V8 or V6 though I admit I have no idea which engine it could be right now. Most Corvettes weigh over 3,000 lbs. so less displacement would certainly mean you'd have a much slower car. So the question would be where on earth would you look to find a RWD engine that would get good mileage while having to work as hard as would be required to move that much weight.
I'm sure there aren't a lot of weight saving mods to be done so does that leave aerodynamics to improve after that? Maybe I daydream too much but hey, sometimes that's what it takes to make something better.
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