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The 368* Lincoln Y-block with a 4V were 285 horse power engines but likely were a bit heavier that the 312 little brother since they are a big block. Mileage for the Continental Mark II was tested at 16-MPG at 50 MPH. I don't know about the Premier but there may be some difference in weight between it and the Mark II.
Mark II cars are valued more highly due to the rarity of the model but the Premier is a close 2nd in my book. Folks with Mark II cars ask about transmission swaps now and then. I would go with the AOD myself but the Turbo Drive is OK as long as parts are still out there.
* had 1956 on the mind for some reason and failed to proof read.