Records of fuel use are going to be your best friend. There will be boundaries (time and distances) that will give you the overall picture (average mpg).
Lowering the truck, if really that cheap and easy, would be worth a try. Alignment and pinion angles would be my concern.
Electric fan worthwhile if no towing or long hot summer. The good ones are expensive, though.
Air dam: I measured off about 7-trucks one day in a parking lot. I found none lower than 10", IIRC. The rule of thumb, also IIRC, is to have the dam no lower than the bottom edge of truck components.
Be sure to weigh the truck at some point. That's always a good starting point for all mods, not just drivetrain changes.
Bed toppers (caps) are definitely our friend. I look forward to being able to purchase an AEROLID someday. My 8' bed and topper have 170 c/f inside and I'd give up a good deal of that for the awesome aero improvement (and FE increase).
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