For comparative purposes, you can consult a "productivity chart" from places like Exmark to see what kinds of differences you'll see by using various widths of cut at various speeds.
http://www.exmark.co...s/Productivity/
If fuel use is really important to you, you'd be wise to consider replacing all of your current equipment with a single diesel-powered machine. I have forgotten the specifics since I moved about 2 years ago, but mowing my 4-5 acres around my old house took vastly different amounts of time and fuel depending on what equipment I used. For example (going from foggy memory):
1. Ford Diesel Utility tractor (~23 hp) with a 72" 3pt mower = little less than 4 hours, 3.5 gallons diesel fuel
2. Toro/WH 724Z gasoline zero turn with 60" mower and 24hp Onan = 2.5 hours, 8 gallons gasoline
3. Kubota 28hp diesel zero turn with 72" deck = less than 2 hours, 2.5 gallons diesel fuel.
4. John Deere LT133 w/ 38" deck and 13 hp Kohler = never finished in one sitting...estimate 6 hours and probably 6 gallons gas.
I also mowed once with a C160H and 42" SD but don't remember how long it took. It seemed to take f-o-r-e-v-e-r though and drank a bunch of fuel. Plus, the tractor was miserable to operate since it was so loud.
None of the above counted trimming with the weedeater. With the Ford I still had a lot of trimming to do...like 2 hours worth. With the Toro and Kubota it went down to about 45 minutes and I only did it every other time...maybe even every third time.
All things being equal, your 20 hp engine ought to use about 25% more fuel per hour than your 16 hp. I'd ignore the fact that the hydro "uses" any power since no matter what hunk of iron you're driving around will take energy to motivate. The cut width of the 48" mower is 20% smaller than the 60-incher, so I'd guess your fuel consumption between the two competing machines will be about the same as long as you're varying your speed on the 20-horse to match the conditions (the advantage of a hydro).
To me, the reduction in mowing time would far outweigh the fuel cost. IMO.
As an aside, my understanding from one of the guys who worked for WH back when the Onans were introduced was that the Onan 20 put out more torque than the Kohler M20 and Briggs of the time. As did the 16's and 18's. This made handling the 60" deck on the 520 a bit easier. Plus, Onans are known for running long lives in most applications and are incredibly smooth.
It takes a specific amount of gasoline to produce 20hp. I'd suspect then that if you're running a 60" deck thru tall grass at a fast speed that ANY 20 hp engine will consume a lot of fuel. And they ought to be fairly close within brands. Theoretically, 20hp requires about a half a gallon per hour of gasoline if running at 100% efficiency. Assume about a 25% actual efficiency and you'll use - under full 20hp load - about 1.78 gallons per hour according to the back of my napkin. Nothing ever runs at 100% load for very long though.
You should easily see from my data above why the Kubota was my favorite grass mower. I bought it used for cheap, mowed with it for a couple of years, and sold it when I moved for more than I paid intially. The trick is being a cash buyer in the dead of winter when everything's covered with snow!
I guess the moral of my ramblings is that if you're going to have a big engine, you'd better have a big deck to make up for the fuel consumption.
Get more done, have more fun, get a diesel!
Steve