The inline 300 I6 is a good engine. Reliable and tough. Many 300+k mile trucks still running around. But they weren't great on gas. Most everyone over at the FTE site (Ford Truck Enthusiasts) state better mpg's with their diesel 6.9 / 7.3 idi. Need good low end torque to move these heavy trucks. Doesn't help that they're about as aerodynamic as a brick.
Have a 1989 F-350 Crew Cab (4 door) Diesel Dually. It has the 7.3 International Harvester Inderect Injection oil burner with a ZF 5 speed. Gets better mpg than my '93 350 / 700R4 Suburban. Want to swap out for some better gears. 4.11's help me putt along below 45 mph well, but on the interstate at 65-70 mph mpg drops significantly. Think some 3.42's are in order.
VT247