While I am on my soap box:
There is very little unburned fuel coming out of a modern engine. What does come out is combusted in the catalytic converter. The inefficiency in an engine has to do with how much of the potential energy in the fuel is converted to motion, and how much is converted to heat. The great majority of the energy that is released in burning fuel is in the form of heat. If that could be converted to motion, instead, we could get more miles out of the fuel.
The big limitation to engine power is how much air you can get in and out. It is easy to squirt lots of fuel into the combustion chamber. The amount of oxygen will be the limiting factor. That is why 4 valves are generally better than 2 valves. They open more of the top of the cylinder and allow the gases in and out better. Air can be forced into the cylinders using a supercharger (driven off the crankshaft) or a turbocharger (driven by exhaust gases).
As far as oil burning in C5 Corvettes go, it is generally related to how the car is driven. Light load, high RPM conditions favor oil burning. If you have an automatic, and you leave it in "drive", you will not see those conditions. If you have a stick and drive around town at 4000RPM, you are more likely to burn oil.
Enough out of me. I hope this provides some insight.
Jim