Horsepower with mileage options

Penstarpurist said
I would agree with the 3.55 gear ratio being a good balance for getting the best of low end off the line with a balance of it drinking fuel. Provided of course a lighter foot on the pedal, accompanied with a 4bbl carb and intake combo, 258-268ish cam, dual exhaust, and an od transmission would get it in the range of a semi economical rompity car.

I definitely think handling should be on the list of improvements.
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That sounds like fun, but you also stated your son was still in school, if he is truly looking for MPG than the money spent on modifications, would be better spent on any 15 year old 4cyl car, pick a clean one somebody local has for sale.
It will be cheaper and provide better mileage than an old school car.
Sorry to be a party pooper, but it is the truth.