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If they built the high mpg platform, it wouldn't have to be diesel if their engines are as interchangable as you say. Let the customer choose.
I think they might be doing better to start from the Corvette. It's got a low profile, and I think will fit two people comfortably. (I've never actually driven one newer than the '60s models, though.) You no longer have to try to shoehorn a 4-500 hp engine in it, so you can shrink the nose and save weight. Do a body design with a low Cd, and aim it at the Miata/Mini market.
Another thing I think they (or someone) could do profitably is a SMALL pickup/delivery van, about the size of the old LUV. There are people who need a pickup for their work. The not-so-big 3 have suckered most of them into driving their oversized "full-size" trucks, often with crew cabs and such. But gas prices are going to persuade a lot of these people that they really could do the job with a small truck that gets double or triple the mpg.
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