So this is just an opinion- based on a lot of observations, but still, just an opinion...
The worst of the worst thing of that early Caddy is the trans- limited gears, and a lot of slip. Yes, in theory, you could get into a sweet spot were mileage was good at a given speed. But as a whole system, it's a huge weak point, and where most of the losses happen. The modern engine probably has 6 gears and will lock up quickly and often.
The next worse thing, to me, is the control system- fuel was a semi controlled leak, and spark was sort of advanced with MAP- but it was far, far, far from optimum. Getting a more consistent fuel delivery will help a ton, and if you can come up with a way to advance the spark in an appropriate way- you will pick up a huge amount of thermal and chemical efficiency.
And that sounds like the MS addition will be a huge thing- and relatively speaking, it will. HOWEVER- if you do the LS swap, GM has already done a huge amount of work for you- finding the most efficient spark, and controlling the fuel really well.
IMHO, if you want the best of the best fuel economy- find a smaller LS to put in- one where the power output isn't 5x that of the original engine (LOL....). While the 472 will have a lot of torque, the modern LS with a modern trans will be more than capable of making up for that with a better system.
I'm not familiar enough with the GM turbos, but knowing ours, and how they are ended up being controlled, well.... The v8 will fit really well....
(the fact that gas is so cheap right now is kind of mind blowing. It's like $.40 a gallon back in the day. I got my DL in 1982, and I don't remember what gas cost back then, but I'm pretty sure it was more than $0.75, which is what it would be adjusted to for today's prices)