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Excellent points.
I will add the caveat that it generally is difficult to accurately account for everything. The price of fuel is extremely volatile, for instance, so assumptions about price have to be made. Then it's hard to estimate how long a given mod might take. Often I spend a lot of time just thinking or reading about it first, followed by an initial attempt, and later refined. This is even for the extremely simple mods (the only I've tried) like using pipe insulation as a grill block. Finally, accounting for the benefit requires careful measurement prior to the mod, and after the mod. It isn't enough to look at the average MPG prior to the mod, and then observe it after the mod because the other variables aren't held constant.
So, I'm absolutely in favor of your approach to modding, but quantifying the benefits requires rigorous testing methodologies.
As an aside, you might appreciate my attempt at calculating vehicle cost of ownership linked in my signature. Always appreciate feedback on how to improve or clarify it.
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