Having owned a 98 with V6 and being very, very happy with it, I would definitely get a V6
if I cannot afford the V8 and options I want.
Insurance - not an issue for either one, I'm 41 with a clean record......now

. My last speeding ticket, 97 in a 70, was in the 98 Camaro.
Fuel economy - not an issue. Both will get decent MPG considering the type of car it is. Think of it as an amusment park ride - the rides that are the most fun cost a little more in some way, be it longer lines, a higher priced ticket, or more gas money. Yeah, I could get 40+ mpg in a Prius, but how much fun is that gonna be????