Welcome to the board! Two things you'll find is there are a lot of mechanics on here (professional and DIY, old and new) and that we aren't afraid of racers! In fact we have a lot of members in your situation, where they want the FE for everyday and the speed and acceleration on race day. We actually have members that have proven that they can do both.
The nice thing is that most mods you can do help with both, especially aerodynamics.Grill block, air dam, belly pan, rear diffuser, kammback, boat tail, mirror delete, etc. If you need to search for those key terms and you'll find loafs of info on here.
Since you're pre-OBDII, you'll want to get an MPGuino. It will help determine best driving practices, both for fuel economy and performance.
I can't speak for the brand personally, but Volk makes some
really light wheels you might consider... spendy though.
I don't know if this is possible as I'm not familiar with your brand of vehicle, nor engine, but maybe consider a different first gear and final drive. It could give you better FE, but also keep a little zip for you. I'm assuming you are trying to stay away from higher octane fuels, but what about milling the head? Have you considered a small turbo (just big enough for low end torque, not for the upper end of the RPM range)?
Again, welcome to the board and good luck with your endeavors!
