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For mileage and torque, go with a diesel.
If you build up your own 383, go with small port aftermarket heads, or get some factory vortec heads. Actually the factory vortec heads would be the best bang for the buck. Good chambers, good sized ports for velocity and low end torque, and you can get a new set already assembled for about 4 or 500 bucks. Use a small carb, like a 600 or so, if you use a Holley or Edelbrock, etc. My preference is the Rochester that came on GM's for years. They have excellent throttle response, good economy due to the triple boosters and plenty of cfm on the secondaries. If you can swing it, scrape up an EFI set up off some wrecked 80's chevy with a V8. These EFI computers have been hacked for years and can be adapted to nearly anything. They are also relatively cheap to acquire. Use small tube headers. Again, this boosts low end power, and the headers scavenge better than stock manifolds which will also help economy a bit. Pick a mild cam, like an "RV" cam or a "Towing" cam.
I never got much better than 20 mpg on the 22R or RE so you would be hard to do much worse with the V8 if you do it right.
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Bob Raby
Santa Cruz, CA
'88 Alltrac (broken) FOR SALE
'87 4x4 Toy Truck SOLD
'90 4Runner (3.4 swap, CA certified legal with K&N intake, modified thermal coated headers, 2.5" exhaust, and almost as fast as a stock 3rd gen  ) SOLD
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