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I know the 10 mpg feeling. I had a '76 Continental Mark IV with the 460. I got about 10-11 mpg on it on local trips of 20 miles or less and about 14 highway. There's just not much way to get much better mileage, but those cars were made for comfort not FE. There was no lack of power either. I too would make a restoration project out of it and garage it. They just don't make cars like that one anymore and with only 53,000 actual miles the drive train should be in like new condition and would make a great collector car. I remember in 1974 when I was 14 years old my dad was going to buy a new car and there was a new '74 T-Bird, white on white like yours that I tried to talk him into buying, but he wouldn't part with the extra $3000. that it cost over the price of a new LTD. The price on the '74 was under $8,000. new.
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