Ps. I know you said you don't want a bunch of weight reduction, another option is swapping old parts with newer lightweight parts, for every 100 lbs loss you can gain 1-2% efficacy. My malibu weighs 3297 lbs and I'm averaging 29 mpg with the 3.5 v6 auto. You might be able to get a rough estimate if you can figure out your chassis weight and the motor and trans weight. Of course there will be quit a bit of variation with the aerodynamic properties of your 50s Chevy.
I love your idea of old and new, and am excited to see how it turns out, no matter what you decide
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