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He is putting it in a truck so high compression is not really a good thing,
A very thorough and valid response IMO, except for the above comment. When attempting max mpg, the highest compression possible for the combination is the goal. I agree on the headers and cams, plus with a mild hyd roller, piston coatings, windage tray, light oils, stock oil pump, dual 2.5" exhaust, multi spark ignition, 190F? thermostat, and mainly a very healthy vacum advance. The most significant mpg predictor is the drivers right foot, and the extra 45 cubes combined with bang for buck IMO might make a 318 a better solution. I have a mild street built 273 installed by previous owner in 62 b body, but my right foot negates any mpg +'s. 
" All sorts of things can happen when you are open to new Ideas" Inventor of Kevlar
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