Free: Try raising motor height, experiment with weight placement in the boat, and if you have power trim, try trimming out just a bit. Figure out your most efficient cruising speed and try and operate at that speed as much as possible.
$$: get a propeller that brings gets you to max rpm @WOT
$$$$: buy a newer motor, consider the evinrude DFI 2-stroke E-TEC line, they are lighter than 4-strokes and get equivalent, if not better FE. From a performance perspective they blow 4-strokes out of the water.
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