I think it would be highly possible to build a 40+mpg 32 Ford Coupe using reproduction Fibreglass bodies. Small nose, an engine bay that you could do anything you wanted, and the cool factor is a 10 out 10.
http://farm2.static.flickr.com/1243/...d73a8e.jpg?v=0
http://www.members.streetrodcentral..../roberts32.jpg