The most bang for the buck in a suburban is a diesel motor.
Both the 4.3, 5.7 and 6.2 (c-code) motor when put in with a manual transmission will give you the largest increase bone stock 2wd.
Converting it to a true FWD with a manual transaxle adds another 10-20%
So your starting point should be about 30mpg once the original platform is optimized mechanically.
If you don't mind super slow driving drop in a Kubota for up to 50mpg at low speeds.
Then underbelly, fender skirts and the rest after you get the lowest hanging fruit.
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