1st off the 360 is probably not right getting that bad of miledge but I still think there is gains to be had by building a 273 to get better MPG, cost effective though I can't say for sure. I do know the 273 can make as much power as a stock 318, as a matter of fact the 273 4bbl made more power than 99% of 318s only the rare 4bbl 318 made more and it was not by much. The 273 2bbl made more TQ than a 225 2bbl or 1bbl.
2nd the 273 heads might not be as bad as you think, depending on what year they are... They all had closed chamber heads until 68 and those closed chamber heads flow more than the 302 head and have smaller combustion chambers.
He is putting it in a truck so high compression is not really a good thing, all he needs to do is zero deck the stock pistons in the block if the bores are still good and use the felpro .039 head gaskets to get some quench, all stuff he would still need to do to a 318 or 360 so it is still the same dollars.
I think the real deal maker for a small motor in a big vehicle is cam selection. He will need a wide lobe seperation and even retard the cam a couple degrees so there is very little overlap and so every last drop of air and fuel has time to burn in the chamber instead of the exhaust. I would order a custom cam with about 180 degrees duration @ .050 and get the fastest lifting lobe you can get at that duration. Add 1.6 rockers to get as much lift as possible, you don't want the piston to work hard to suck the air and fuel into the chamber, this will reduce pumping losses and help make it up to the 230 hp that the 318 made and then some (I think 250 is not out of the realm of possibility).
Also since the 273 is going to make less power at the same throttle angle you will have to push the throttle harder to run the same speed, this means even less pumping losses because manifold vaccume will be lower.
For a carb you should run an 800 thermoquad on a performer intake if it is 67 heads (920 castings) or 302 heads you have, if your heads are 66 or older they have a slightly different intake bolt angle so get a factory iron 4bbl intake with an adapter, you should have plenty room under the hood.
You should be running headers for it to make the motor do less work pushing the gasses out, also if you run some very long small tube headers you can boost low RPM tq with reasonance tuneing.
I think you will get a few more MPG than you are now and it should easily make as much or even more power than a stock 318. It is not going to be a great performance truck but it will be fun doing it.
I kinda wish I had the money to put a scienced out 273 in my car to see how much more (or less)mpg it would make than the old 318 did. Or even do another 318 but with a custom cam and EFI but I really think the 273 could do better than most of the skeptics on here think.