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I wouldn't hotrod a fifteen year old car. Reliability is more important than a few mpg points. A bellypan is a great idea. A LIFELINE brand battery and new cabling is also. Same for going through suspension bushings and the like (dry rot) to make things like new. BILSTEIN or other high quality shocks. MICHELIN tires.
Same for 13V at the headlamps (relay-drive upgrade), etc. I've owned quite a few older cars (twenty years or more at purchase) and they can be made great DD's as the actual cost of ownership is low when the owner exchanges sweat equity in return for stopping and reversing the clock.
But a car that has been used a particular way is usually not happy with majr changes. A real PITA to learn the hard way. Making new the following: fluids, filters, hoses, belts, tires, shocks, brakes (lines, hoses, M/C), primary and secondary electrical; body bushings, suspension rubber, steering, etc. can all demand most of ones time. And a fair budget as factory parts only are the worthwhile choice when one is dependent on the car.
MPG is about driving: fewest miles driven in the most skilfull manner.
Spending money to change things is what can drive them into the ground . . doesn't matter that we call it "performance" also if it shortens vehicle or component life in search of a few mpg. It will. A car that old is at the end of it's service life without some serious work on each system to replace time-worn items. The next 100k miles is not so easily accomplished, but it's an ideal candidate with which to do it.
That it also gets mid-20's highway is lagniappe.
Electrical reliability is what will kick your patootie . . put the very best battery in that thing and factory or heavier primary cabling as a start. Chase all grounds throughout the chassis and make them brand-new.
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