I would kick around the idea of converting the engine to EFI, some of the first gen systems put the injectors where the carburetor is, I recon that that kind of system could be chipped to run the engine right and in lean burn when possible. My dad has a suburban with a 3 speed automatic (no lockup torque converter,) a 4:10 rear end, a 454 that dynos at 350 hp to the tires, and knobby tires that gets 10 MPG because the engine runs in lean burn mode most of the time.
The 454 has a 8.something:1 compression ratio too, so it wasn't the most efficient.
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