Do you build your project vehicle each year with your students or are they for yourself?
I built a Slant 6 Duster drag race car with my church youth group a couple years ago. We weren't concerned with gas mileage obviously, but the build was pretty mild with a 9.2:1 compression by milling the block and head. We run a 4 barrel and open headers with a 3.91 gear. The car weighs about 2,700 pounds. Best ET is a 15.85 with traction problems. I'm confident with better traction and some more tuning it will easily run in the low 15s.
There are a handful of dedicated daily driver Slant 6 owners that race their cars and are concerned with mileage as well over at slantsix.org. Most run carbs, but several have adapted EFI to their slants and there are a couple turbo daily drivers as well.
The big draw for most of the guys running the Slant 6 I think is that it is different. It is much easier to build power with a V8 and not lose much gas mileage, but most guys remark that their Slant 6 cars get more attention than the typical V8 car because it is different.