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on the old TBI's, the distributor sets ignition timing. When the timing chains stretch over time, the ignition ends up being retarded.
loosen the bolt, and you can gain mileage by simply advancing the timing.
For more power there is a writeup somewhere to remove the spacer between air filter and TB - this lets air come in under the injectors easier, and gets more power. Won't help the mileage though.
I've got teh same truck - mine is a 94 and it rides lower, but same setup.
I'm going to be building a removable kammback which sits on the rear hitch. I'll report back as to how it works.
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