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an 87 with a 4.3 and 4spd auto, is rated 16city/22hwy, so its not like 12mpg would be a best case scenario. 3spd autos are also an option, that you want to avoid, unless you plan on swapping engine and trans. (i'm guessing that 4spd isnt going to have a lock up converter, so maybe swap it anyway)
without someone lined up to work long hours for free, i dont think i'd look much past a pretty basic swap. i was thinking a smaller v6 "might" bolt up to the trans, but looking through the numbers on camaros and s10's of that era / similar years, i dont think a 2.8/3.1/3.4 would offer much if any improvement.
engine and probably trans from a 2.2L s-10 might be your easiest higher mpg swap, theres a good chance you would be geared for mileage, or unfortunately might just be geared too high. although you might be fine with the horsepower of a 2.2, its not going to have any torque like what would have came in the elcamino.
i think i'd be alot happier with a 4.3l out of a '96 or newer truck, same if not better mileage than the 85-87 4.3s, only a couple mpg worse than a 2.2L (guessing from s-10 ratings) and 180-200hp instead of the 2.2L 120hp or 85-87 4.3L 130-145hp, and it should have enough torque to turn whatever gears the car came with. 260lb-ft vs 2.2L's 140lb-ft.
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