The Honda is a 4-stroke, and Honda's are typically excellent on fuel. I would be $1 that the kicker at half throttle is going to use less fuel than the big motor idling in gear.
I would not bet against you, because that would be a losing bet.
At a similar power output, you've only got the friction of two cylinders on the Honda, vs eight on the inboard. Plus, the inboard is going to be idling, needing to create 13-15 inches of vacuum in the manifold which takes some power to do, while the Honda is going to be nearly at WOT with -at most- a couple inches of vacuum. Also, with the vacuum in the intake, the cylinders don't get a full 'charge' so the effective compression ratio is reduced, which makes an engine less efficient.
The Honda would be definitely more efficient.