Daily Driver.. LA318 vs 360 Magnum
My 4200 pound 2000 Dakota 5.9 with 170,000 miles and an effective 2.7x final drive ratio get 13.8 MPG average.
That is with the factory EFI. Only mods are K&N filter and cat back duals.
Check the specs on your 1968 318. it may already be a 9.2:1 motor.
The 70's and early 80's are 8.8:1