Englishal:
Some links to get you informed:
http://www.aeronexx.com (SMA/Renault ground up aero engine)
http://www.centurion-engines.com (Thielert converted Mercedes Engine)
The SMA is around 300 horse. Thielert 120 horse though they going a lot larger for the next one

I believe Thielert tried red diesel - it ran but not efficiently.
Just seen an add on
AFORS asking for a C172 with dead engine, so they can fit the Centurion. That's one flying club I would want to belong too