It's going to be easier to swap engines. Destroking yours is a lot of work, and without re-tuning the intake manifold, cam and such, you'll lose pretty much all low-end torque, leading to no gains in FE, but a loss in power.
If you want to keep the same car, your best bet is taller gearing. A large engine with lots of low-end torque kept at low rpm will do just as well, or possibly better in some cases, than a smaller engine revving higher to do the same work.
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Call me crazy, but I actually try for mpg with this Jeep:
Typical driving: Back in Rochester for school, driving is 60 - 70% city
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