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It would definitely help. I would also find a rear end with a much higher ratio, or change the gearset in your existing diff. If you can make it chug at 1500 rpm @ 60 mph (Lockup T/C, OD and 2.75:1 ratio will nearly equate to this), the mileage will likely surprise you. In a good way. Maybe with some aeromods (especially a box/bed cover), skinny tires pumped up to ridiculous pressures and a very well tuned engine (as well tuned as you can get with an old V8, that is), you might achieve 25 mpg.
My first car in high school was a '79 Volare, 318 2-barrel, 3-spd torqueflite with lockup and 2.76:1 gearing. It was a Chrysler "Lean Burn" system, an epic fail that I swapped out for the distributor from a van. Even with no overdrive (2200 rpm @ 60 mpg) I averaged 21 mpg, about 50% highway, with 200K miles on it. I sold it for a Toyota Tercel 4-speed manual that got about 38 mpg.
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