Our goal in this article is to elucidate the rapport of work and information in the context of a minimal quantum-mechanical setup: a converter of heat input to work output, the input consisting of a single oscillator mode prepared in a hot thermal state along with a few much colder oscillator modes. The core issues we consider, taking account of the quantum nature of the setup, are as follows: (i) How and to what extent can information act as a work resource or, conversely, be redundant for work extraction? (ii) What is the optimal way of extracting work via information acquired by measurements? (iii) What is the bearing of information on the efficiency-power tradeoff achievable in such setups? We compare the efficiency of work extraction and the limitations of power in our minimal setup by different, generic, measurement strategies of the hot and cold modes. For each strategy, the rapport of work and information extraction is found and the cost of information erasure is allowed for. The possibilities of work extraction without information acquisition, via nonselective measurements, are also analyzed. Overall, we present, by generalizing a method based on optimized homodyning that we have recently proposed, the following insight: extraction of work by observation and feedforward that only measures a small fraction of the input is clearly advantageous to the conceivable alternatives. Our results may become the basis of a practical strategy of converting thermal noise to useful work in optical setups, such as coherent amplifiers of thermal light, as well as in their optomechanical and photovoltaic counterparts.