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I would say it all depends on what you want to do. I would do a compression test and determine if what you are starting with is worth putting money in, if the engine is worn a rebuild will do more for your MPG than most little stuff will.
I think unless you are going to go to a OD transmission dont change the 3 spd, its likely wide ratio and will do the job. Unless your gearing is numerically high or you got a line on cheap gears I wouldnt waste my time there either. Gearing is king if you are spending a lot of time on the highway, it does nothing for you in city stop and go.
If your carb is jettable (meaning you can find different jets to swap in) that will be by far your best bang for the buck. If you are looking to spend some money I would start with the ingition system, 1972 will be a points distributer.... garbage.
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