On that 454-4V above. The Rochester QuadraJet can be tuned to provide excellent mileage. Don't know if yours is the feedback style (electronic carb) or the older all mechanical type (with which I am familiar), but the latter can be adjusted for best cruise/part throttle separately from the other operating systems. See Doug Roe's book on the carb.
BANKS makes performance part which essentially aid efficiency, as does EDELBROCK. Best starting point is to fuel 'er up and take it across the weigh scale for a certified reading. You'll also want rear gear ratio, transmission type, tire height (see manufacturer numbers), intended cruise speed or rpm, and get some cylinder compression readings to go with it in order to get good advice.
See also HOWELL Engineering for TBI retrofit. If the engine still has good -- and even -- compression, then a free-flowing single 3" exhaust after the motor will make the most of what you have.
7-9 mpg is about what is to be expected. 10 mpg is almost impossible. But with numbers this low it is all about percentage increase.
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