Just my .02. My experience tells me to mod the exhaust first. This is the easiest area for the manufacturer to slow the vehicle down and also the easiest to remedy. Headers, duel exhaust and a H pipe or X pipe will give a surprising return for the investment not to mention this will better support additional upgrades. You may or may not see a increase in mpg but you will feal a change in engine performance. (2.25 inch diameter pipes support a street 302 pretty well)
Also I've seen that a 4bbl carb can give better fuel economy than a 2bbl. I have a 67 Standard Cougar, 289, 3 speed standard that requires a 500 cfm 2bbl carb. By replacing it with a 500 cfm 4bbl carb at cruise I'm running off of 250 cfm until I get into the secondaries. This means better metering for all RPM ranges resulting in better power and emisions. This unfortunatley ;~) means an aftermarket manifold. Dog gone it now we have an excuse for upgrading the ignition system and by the time your done you have a very good highway cruiser. I could see this returning upwards of 18 to 22 mpg on the highway, provided you keep your foot out of the vaccume secondaries.
Last thing: before you buy a intake manifold and carb check what kind of clearance you have under the hood. The Edelbrock Air Gap (while it is a very good piece) is a fairly tall intake manifold and may not fit. However the Performer is a stock replacement that does a better job than the stock intake and it's liter.
This is all just a sugestion.
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1stgencat
67 Standard Cougar
Restomod in work