454 swap options ?
Going to a smaller and less powerful engine though in theory should reduce your fuel consumption might actually increase your fuel consumption. Follow me here, the 454 might not need to run WOT when you're riding however, a smaller engine making less power might need to keep the throttle buried more to achieve the same amount of work, thereby increasing your overall gas usage in the long run. I feel your pain man but I'd do some more research on the matter before you go pulling the trigger on anything.
As a reference point, my comp and my buddies sunsport have the exact same engine, transmission and prop. My boat weighs less than his and I use less gas doing the same stuff than he does in his boat.
'86 Comp TS6M - Reborn 2016
Riding a HO Sports CX Ski