You will most likely need to have batteries to act as a "buffer". I do the same thing you are doing, and since I am off grid, I must use batteries to connect my inverters. The alternator output is then fed (at a higher voltage than the battery bank) through an MPPT controller to the batteries. If you do not use batteries, then you will have a heck of a time regulating the engine speed to within the inverter voltage input window. If you really wanted the highest efficiency, you would skip the inverter altogether, and wind your alternator for 110v output. See, you still have the problem of regulating engine speed. Things would be much easier if you were trying to feed into the grid since the grid tie inverter would do the power point tracking altogether and you would have a wide engine speed window without needing to worry about battery storage. But then you would have no back-up capabilities.
Batteries are not expensive, not sure what your scared about???
It seems to me if you were concerned about efficiency, you would not be going with a 12v system anyway???
How do you plan on regulating engine speed without batteries???