While it's a big, heavy car and older V8s are pretty thirsty... it's still more efficient than nearly all full size trucks, even most new ones. And strip away the body, it's not too different underneath.
Overinflating tires a little is rather innocuous. Tires can fail easily from underinflating (this builds up a lot of heat in the tire) but not so much from a few psi over. Pump it up close to the burst pressure and that's a different story...
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