One always has to know exactly (as much as possible) is involved in graphs such as posted above. There is a very lengthy discussion of the Boston Whaler site, which relates to these graphs:
http://continuouswave.com/ubb/Forum4/HTML/007588.html
Basically there are many variables, including boat design, temperature, altitude, water conditions, engine design, number of cylinders, weight of engines, props, weight of boat, gear ratio in lower units, etc. including errors in the instruments. So you cannot take two graphs as be representative of all cases.
For example how accurate are the fuel burns claimed on the C Brat site? Obviously some are more accurate than others, depending on how it is measured, amount of running time at each speed/RPM, boat loading, etc.
Generally one would favor the larger engines, up to a point. For me that point is giving adequate performance with the boat loaded as I run it (usually heavy), water conditions (often rough) and where (sea level and 3700 feet).