It depends.
If you are limited to using over-the-counter engines from our hobby suppliers, then I would think that the four-stroke engines are a better choice for fuel economy.
I do not believe that over-the-counter two-strokes will fare as well against an over-the-counter four-stroke.
If you can have a custom made, direct fuel injection, oil injected two-stroke cobbled up, then the two-stroke might be a better choice.
The two-stroke model diesel engine has two things going for it in that it is running a fuel that contains more calories per cc than glow fuel and it is running a higher compression ratio, which further increases power production and fuel efficiency.
One advantage in using the largest engine possible is that the radio components remain essentially the same whether flying a small aircraft or a large aircraft. Thus, the R/C system becomes a smaller percentage of the aircraft's gross weight as the size of the model increases (with a limit of
1.2 cubic inches engine displacement in this example). This alone adds to the airframe's overall efficiency. We won't even get into the better Reynolds Numbers derived due to the increase in size.If one could fit an RCS/Moki 1.40 with a very lightweight magneto, one could have the best of all worlds - for a two-stroke. This two-stroke would sip less gas/oil mix than a glow four-stroke 1.20 and would provide more power while doing it at a lower gross weight (includes fuel load).
This is just my opinion.
Ed Cregger