The crown vic that my father had (80 something) got right at 20 mpg, probably 80/20 highway. It never had fluid in the ps pump, and even so, wasn't altogether difficult to steer.
Usually when you remove a/c and ps from a serp setup, you can use the idler pulley as a reverser to keep the correct belt orientation for the water pump.
Some other things to consider are a ground wire set, cleaning the existing grounds, a dc/dc converter to up the system voltage to 13.5 (electronics will have less amp draw), alternator cutout switch, electric water pump, probably more.
With some work, we'll get you to 40 highway!
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