You will never come close to the cost of replacing or repairing your engine even with fuel cost savings. Diesels are cool, but they will cost a lot more to do than fixing what you have.
it all depends on what youre replacing it with. if youre replacing it with an imported diesel that costs 2x that of an off the shelf 2F then i guess youre right. if we're talkin a used 4bt vs rebuilding the 2f THAT HE HAS (some of the 2f long/short block prices ive seen are outrageous), the cost is comparable. and, the mileage with the 4bt will be 2x that of the 2f (or more). 5,000 lbs, OD, and a STOCK 4bt is a formula for 20-25 mpg avg. modify the 4bt for mileage (i.e. head porting, exhaust/turbo porting, boost tube mods, mild aftermarket injectors) and upper 20's are achievable. youll spend more on carb kits, headers, head milling, ignition parts, and rebuild kits on a 2f in a quest for max mileage than you will modifying a 4bt.
if you can pull a 2f and reinstall it, and own a welder, chances are you can install a 4bt and enjoy close to or over 2x the mileage of even the *best* setup 2f (for mileage). at that rate it will pay off rather quickly, not including longevity.
im not saying diesel builds dont get pricey quickly, because they often do. however, if you do your homework and are patient and diligent in parts collection you can find everything you need without draining your bank account replacing a tired 2f that still wont make any power.
before it seems like im bashing anyones decision to keep a 2f over a diesel, i LOVE the 2f and there is nothing wrong with keeping it 2f power. in addition, if we are talking a minor repair on a 2f vs a 4bt swap then you *probably* wont be able to save money in the long run in fuel jumping straight to a diesel swap. the dependant variable in this equation is the overall health of the 2f besides the repair. if you repair the 2f, just to blow the motor 6t months down the road, it would have proven (in hindsight) not to be an economical repair. this argument is often moot, considering *anything* mechanical can fail at any given time, so your only option is to maximize your chances of longevity in anything by proper maintenance and analysis of overall condition.