On those two parameters, yes. For the power and fuel efficiency of a single but with extra weight and a CVT, you could choose the Rotax 600 ACE (no one has done it yet, but I've had a great experience with it in another SAE competition). For the power and fuel efficiency of a 4 cylinder (or worse), you could choose the Genesis 80fi. To fall somewhere in between with less weight (on par with 450-class singles) and reliability, you could choose the Aprilia 550. For compromise power and efficiency, but the weight of a 4 cylinder, you could go with a downsized SV650.
Think about this though--is more power worth more points? Check out the FSAE West 2011 results. You'll find that the same car won acceleration, endurance, and would have won fuel under the current efficiency rule.