I don't think peak hp is where it matters.
It takes approximately 6 hp to drive my car @ 40 mph on a level road. Regardless of whether that 6 hp is coming from a 3-pot capable of 49 max. hp or a V8 capable of 300, it still only needs to burn enough fuel to make 6 hp. So if you remove the hypothetical 1 hp burden of the charging system, you've just reduced power requirements by 1/6th for both motors.
The fuel savings of doing that won't scale exactly of course, due to the extra power required to overcome internal friction in the V8, and their different BSFC profiles & how they respond to changing load. But the effect definitely won't be proportional to the peak power of each mill.
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