As an aside, one engine configuration that hasn't been discussed is a snowmobile inline twin. If you want a decent compromise, I think that,s what I'd do if i wanted something in the middle without engineering a crankcase. A Skidoo inline twin
http://www.ski-doo.com/technologies/...gies/4-strokes 600 is around 40kg for 60 HP(1.333HP/kg). (that's only 6 kg more than their 450 btw). Say you make a transaxle for it that ways say 5-6 kg and you've got a pretty neat package. I know for a fact that RMIT ran the Phazer 500 inline twin for a while as well as sherbrooke. They're nice little engines. If you engineer your own gearbox, you can basically run it so the crankshaft is longitudinal which means your headers come straight out the side, avoiding the heat management around the gaz tank and other stuff that gets crammed under the driver seat that inevitably comes from a laterally oriented crank. The engineering workload og engineering a gearbox is probably less of a hassle than engineering a crankcase.(just reuse a gearbox from another engine. and make a case around it)
Finally, as an answer to your original question(I know long way to get to the point). Yes they're a good compromise. As i recall, calibrating like retards we got something like 55Hp(or as I like to call it , the point of diminishing returns from a power point of view in FSAE(considering no aero)) out of the APE for 35kg(weight of a single). So they're awesome. They're as much of a pain to package as any other engine seeing as things tend to get tight no matter what. If that engine were easier to work with, it would be perfect. Low effort to get a decent amount of power, you can concentrate on other things while having a nice light package. Or go balls to the wall and put a turbo in to get a nice light package with as much power as a NA inline 4.
PS: power to weight summary
Single BRP = 1.22 hp/kg. (43HP - 35 kg)
Inline twin = 1.33 hp/kg (60HP - 45kg with gearbox)
Aprilia 550 = 1.5 hp/kg (53 Hp - 35kg)
Inline 4 = 1.44hp/kg (80 HP - 55kg)