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In general the mpguino will be more accurate since it does measure injector pulse width. You don't need to run wires through the fire wall, just tap into them near the ECU in the cabin.
If your driving is consistent, the scangauge can become fairly accurate (+/- less than 1 mpg). However, the scangauge also reads OBDII codes as well as almost every sensor on your engine. This makes it great for learning how to drive more efficiently. The mpg gauge is only one feature and IMO isn't the most important thing.
As for where to start with the mods, I'd always start with the cheapest stuff! Thats airing up the tires, removing the ladders, grill block, and probably belly pan.
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