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The 2 must-haves for a reasonably fuel-efficient setup are FI and an OD trans.
You could, if you want to remain a stock underhood appearance, use an engine from the same family with a modern trans (adapters are readily available), a TBI conversion to replace the carb (hidden under the air cleaner), and an electronic conversion to replace the points. Powermaster makes an alternator that looks like an old generator.
It'd really be simpler, more efficient and cheaper to swap in a modern engine/trans as a unit from a wreck, but less fun.
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