The modern, gen 2, gen 3 will get slightly better MPGs than the 2F in a 60. Hope for 17 highway but be happy with 15 highway.
It's the fact that your getting an extra free 80~100 hp without a a loss in mileage that makes it worthwhile. I would never swap
a V-8 into a really good running 60. Wear out the motor first. You can get 300,000 on a well maintained 2F. After 250,000 they seem
to get tired and start going down hill little by little. I haven't personally seen a rebuild get the longevity of a factory brand new motor
and rebuild costs are high. Last motor I had built threw a rod at 17,000 miles. The rods were not replaced. They had 220,00 previous miles. The machine shop had a 12,000 mile warranty. The rebuild had 3400.00 into it and most parts are still used. If you have limited mechanical experience and a limited shop, GM sells a Vortec longblock, brand new parts, for 2400.00. Summit has a Vortec square bore intake that will accept Holley's new Sniper injection and dizzy for under 200.00.
Add belts, accessories, hoses, motormnts, etc and you can have a new motor, relatively simple to build, for 5000.00 or less and a GM 100,000 mile warranty.
Or you can pick through hundred of used parts yard motors for a third of that if you're more mechanically inclined.
Most aftermarket is junk. Stay with brand names if for no other reason they will honor their warranty in the event their parts are junk