In the book "Chrysler Engines: 1922-1998" by Willem Weertman, he notes the switch to roller lifters in the 318/360 increased MPG by 2-3 due to lower friction especially at idle and lower engine speeds.
My Duster now averages about 15 with a 450-hp 360 (5.9L Mag short block), 904 trans with cheap(loose) 2600 rpm stall converter and 8 3/4" rear. When I had 2.94 gears it got about 17-18 on the highway but I recently switch to 3.55s, city mileage went up but cruising at 75 turns 3300 RPM when it really should be more like 2200 or less.
You might be able to grab 20 MPG with a 360 but you'll have to turn it really slowly. Going with the 273 heads and smaller cam with Rhoads lifters will help that work but be careful of cylinder pressures putting all 3 of those together. Idk if you mentioned aftermarket pistons but 9:1 would probably be my limit for static CR.
The lean burn system in the 80s cars actually worked pretty well all things considered, and it wasn't actually as lean as the 70s cars. The carbs were jetted lean overall but it wasn't the crazy 17:1+ like the early systems. The spark control computer was kind of nifty and really beneficial on the highway, it would gradually increase ignition advance during cruise until it detected knock (yes the 80s ones had knock sensors) or throttle opening past a certain point then return to a base setting and start the cycle over again. Honestly just for mileage you won't gain much of anything getting rid of it. It's just that the performance is so bad particularly with the super-tall rear end ratio on those later M-bodies it's frustrating to drive and not really enjoyable. You could probably get away with putting in a shorter ratio but upgrading the exhaust might make it run too lean.