for fuel mileage only, here's my thinking;
static compression ratio doesn't mean much because
at hiway speed, your V8 is heavily throttled; and so the effective compression ratio will be very low.
Take a smog 318 for instance; at 8.1 Scr, with the stock cam, the Dynamic C/R comes to about 7.0@138psi. But throttled at 65=2240 with 2.76s, the engine will never get a full 318/8=~40 cubes of air@ per cylinder, at normal density.
If it takes 35hp to go 65 mph, it matters not how big the engine is, the throttle will always be open just far enough to make the required hp. Your cam timing events will be far more important.
However, the more chamber volume your engine has, the more surface area it will have and so the greater the possibility that some fuel will never make it into the combustion event. You can overcome some of that by ensuring the ignition timing occurs at the proper time. But with the stock-type distributor, this is nearly impossible, cuz at 2240 rpm, my 11.3/1, 367 wants 56* to 60*.
So then, IMO, as for fuel mileage only, the tune is far more important than the actual bore/stroke/or Scr, than anything else.
Part of the tune is the engine-temperature at cruising speed. The hotter she runs (within reason), the less chance there is of some fuel going out the exhaust, not having taken part in the combustion event. This gets more and more important as the cam gets bigger. In this case, extra EFFECTIVE stroke allows more time for the event while the exhaust valve is still closed.
Going back to the smog 318, with the stock cam(240/248/112), in at split overlap, the effective stroke is 2.86inches. Closing the LSA to 108, with no other changes, moves the effective stroke to 2.93inches. installing a 262/110 cam changes the Effective stroke to 2.68.
However, more importantly is what is happening to the power stroke, which changes from 122*@112Lsa to 126*@108Lsa to just 114* of Extraction with the performance cam; thus showing a very significant loss of time for power extraction.
Increasing the stroke with the 262/110 cam from 3.315 to 3.58 changes the Effective stroke to 2.91, good deal. the power extraction degrees does not change, but the distance does and so the theory is that more energy will be given to the crank during power extraction.
In this regard, the 340 cam is terrible for fuel economy because the power extraction with the cam in at split overlap, is only 106* and the Effective stroke is just 2.52".. Closing that same cam up to 108Lsa, would get you 122* of extraction and an Effective stroke of 2.66" ..
to recap;
For fuel economy;
getting the correct amount of fuel into the chambers at the right time, and getting ALL of it to contribute to power production, at as low an rpm as is possible, with the correct Ignition Timing....... is the key. The smaller the chamber the better, and the hotter it runs, is also better.
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In case you doubt my thinking;
I had an Eddy-headed 367 @11.3Scr running 207*F, that on a certain test trip, made 32mpgs.... with overdrive gears turning 75=1850rpm. The bore is 4.045. The stroke is 3.58. The cam was a Hughes HE2430AL with specs of 270/280/110 and @223@.050
With the stock Distributor there was no way to give it the timing it wanted, so I installed a dial-back timing module with a maximum range of 15*, and so a maximum available amount of ~60*.
The point is this;
You don't absolutely HAVE to sacrifice cubes for hiway fuel-economy. You just have to tune the crap out of whatever you got. However the more cubes you have, the more gas she will use getting up to cruising speed. And, your cam-timing will play a very significant role; especially the exhaust extraction.
Happy HotRodding