I did one back in the late 70s....
a 74 swinger, 318-2BBL, no AC, manual steering, power disc brakes, 2.76 rear axle, in stock form. Only car I ever ordered from the factory. I added 340 exhaust manifolds and dual exhausts, a lighter advance spring in the distributor, and got 23 mpg hiway. Later on, moving to Idaho, the BBD did not like winter time starting, so I put on a Holley 2BBL and intake from a Ramcharger 360, rejetting the carb down 2 sizes, and it started and ran much better, but MPG went down to 22mpg hiway.
Currently, I am building an 80 Lebaron coupe (the short wheelbase M body coupes were only made in 80-81) with 318, magnum heads, factory cam, 1.6 ratio rockers, low gear set 999 tranny, 2.45 suregrip rear axle, MP ignition, and will likely stay with a single exhaust, but it will be quite a bit larger than stock. I am hoping to make 92-93 magnum exhaust manifolds fit, along with a dakota Y pipe, which is part of the reason why the power steering had to go, along with the column shift linkage, all that stuff is in the way of the better exhaust manifolds. I have replaced the power steering with a manual box, will keep the AC. Will be running 225/60/16 tires on alloy rims (from a Ford Explorer sport trac, 4.5" backspacing on sport trac wheels). Not sure which carb I will use yet, probably a TQ. I may add aluminum bumpers from either a fairmont or a camaro, they supposedly are a good fit on late M body cars. I am aiming for 24-25 mpg.
From my experience over the years, I can tell you that the most effective option for good gas mileage is a light foot....