I have owned both V8's on gas and I must admit that I find them to be good..... well as good as a P38 can be!!
I normally fill my lpg tank once a week at a cost of 69.7p litre (asda), so that in total is approx £40/45, then I have to put £15/£20 petrol in approx every 2 weeks (you need this to start the car and run it until it is warmed up) I also run it on petrol alone (1 day a week) just to keep everything sweet and lubricated, as petrol does.
I use the car mainly around town and on short trips, so it's not at it's best economy wise, but still I average 220/240 miles on gas.
Don't buy a v8 then convert it yourself as then you are hit with a fitting bill of approx £1500/1700, I know I looked into it (Thats from an LPG fitter in my area, have heard of much higher prices else where). Just buy one that has been done and has a full certificate of compliance, also, If you buy a car with 90/100k miles on clock then convert it, it's a good chance the engine won't like it and will go wrong.
My 4.6 (51 plate) had it's system fitted when car was only 6 months old and has now covered over 100k on original engine without any major faults (overheating etc) so therefore I would recommend the LPG conversion over a diesel.
Obviously someone else will disagree because they have nothing but trouble with their system, but if it's not the right type of kit and not fitted properly onto a high mile unserviced vehicle....... you will have problems
All in All......I would go for LPG on a V8 just because I love the sound of it and there is no compromise on power.
Hope this helps you