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I have seen air bag suspensions on these cars. May be pretty easy way to get down low without making it bouncy.
You can get some good improvements from aero work but it is hard to make those ford V-8's efficent.
Have you considered an engine swap?
Maybe even a Cummins 4BT 4cyl diesel engine? These are in alot of delivery trucks and can be picked up with a 5speed from a wrecked truck...I've seen for under $500.
And the trunk in that car has a huge space for a WVO tank.
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