Welcome to the forum! A CRX is probably a better place to start for a highway machine (better stock aero = fewer custom mods needed).
You should dive into some of the HHO threads here - your understanding of it is a bit shaky (Frank wouldn't have worded that quite as kindly!).
Other than HHO, looks like a solid plan for an MPG machine.
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In theory by switching to regular my MPG's would go up since premium has more additives in it to keep the engine cleaner that means there is less physical gasoline per gallon of fuel.
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Might want to read up on that too. One of the "additives" in premium is higher octane, which should let your engine run more aggressive timing, which would result in more power & fuel economy. On regular gas, the computer will pull the timing back to prevent pre-ignition/detonation, so you get less bang. Might save money though. Hard to say without controlled testing.