I hang out at
www.homebuiltairplanes.com which is a pretty good source of information about aviation possibilities.
The reason there is almost no R & D in aircraft piston engines is due to the several years and millions of dollars it takes to certify airplane engines. That and the fact that after turbine engines where developed towards the end of WWII they got all of the attention and development dollars. The situation has gotten to the point where a $2,000-$6000 car engine such as the Mazda rotary, Chevy LSx, VW, etc can out preform a $30,000 1940's tech airplane engine.
There are some low bypass turbo fans that are being certified and should sell for about $30,000. Sadly those guys will not sell to the experimental crowd, they said in their e-mails that we can thank the trial lawyers for it. I guess the turbine manufactures have too deep of pockets to risk a lawsuit after someone dies after doing acrobatics at low altitudes, runs out of gas, or knowingly flies into bad weather and sues them for all they are worth. Note that those three causes of death account for 95% of general aviation fatalities.
As for current aviation planes and engines, many have STCs for using the cheaper auto fuels. Many STCs do not require any modification to run reliably. If you can get electronic ignition to replace one of the magnetos you can up to an 11% decrease in fuel consumption. Fuel injection will also beats carburetors but I not know for sure how much. Not having ice form on your carbs is pretty nice too.
If you are flying an experimental engine you can even mix diesel with gasoline and run that in standard spark fired engines if you are careful to watch gel temps and flash points to make sure you can start the engine and keep it from stalling.
Jet engines do run well on many fuels including hydrogen. The original concept for the SR-71 Blackbird was to use hydrogen, but the horrible range it would have gotten prevented that from happening. The only trouble with hydrogen is trying to store enough onboard, and that it can cause some metals to turn brittle and fail.
Some airplanes do get over 50 mpg. I expect some more to be on the market in the coming years. My favorite concept is a pressurized, UNducted fan, pusher, that can fly mach .86 IIRC at altitude and probably still get over 50 mpg.
Also note that helicopters will not get as good of fuel efficiency as fixed wing airplanes.
Antibubba: Until recently diesels had horrible power to weight ratios. Power to weight is very important on motorcycles, and diesels still can not beat gas engines in that regard. There also was the trouble with vibration that was only recently solved. I did hear about a diesel powered motorcycle that got something like 160 mpg and could still do wheelies at 80 mph. I found some diesel bikes by doing a google search. I guess there is not much of a demand for them yet for more.