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It should work. Economical? Not sure. While the GL500 engine is a fairly low-revving, torquey motor by motorcycle standards, it's a very low torque, high revving engine by car standards. Chances are you will be in the rich acclereration carb circuits most often and lean cruise carb circuits very very seldom.
I assume the car has a manual trans. I would keep the car's trans in there and couple the input shaft to the GL's trans output. Use the GL's clutch and the Toyota's trans. (The GL is shaft drive, correct? This might be difficult to do and will have lots of losses because the shaft exits the bike's transmission pointing back towards the rear wheel) This way you can leave the GL in one gear all the time, and figure out what gear works best as the proper input speed to the Toyota's transmission.
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