Unless it's fuel injected, I doubt it would get very good gas mileage. Maybe not even then. The BSFC on these engines is about 350 g/kwh; That's in the poor range of a car engine, which will hit about 250 g/kwh in it's sweet spot. No timing advance, no OHC, nada to help it.
There's a similar video with a Geo Metro with a 10hp diesel and a CVT. That might have been limited in speed, but would have been a bit more efficient at least.
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