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Get an 81 or up shortbed truck, they're lighter and more aerodynamic than a comparable pre-81 truck. Make sure you have the air dam on the front bumper. keep a 28" or smaller tire, and keep them fairly skinny. Also use the lightest duty suspension to save weight. Barebones trucks weigh a good bit less than silverados with all the insulation, power options, AC and such. Get an electric fan. Nix the AC, maybe the power steering if you have arms like the hulks waist. Lower the truck some. Make sure all the body panels like up well. If you have a V8 or diesel, maybe keep the AC, as I get better mileage with the windows up and the AC going than I do with the AC off and the windows down. They don't wind-tunnel trucks with the windows and tailgates down. Install a vacuum gauge in the dash <-That Really does help! use aluminum wheels and light duty tires to save weight. use a manual trans. have a fleetside bed. use a single tank setup so you aren't driving around with twice the fuel weight. Get a cold air kit and hi flow air filter. use full synthetic oil. get smaller mirrors. buy higher offset wheels like off of a newer truck, as the deep rally wheels are bad for air flow, as thats why all the new cars have no dish wheels on them. get a trans with a lockup converter. Open up the spark plug gaps approx. .010 from stock. roller cam/rockers. don't usehi volume oil pumps or water pumps. benchseats weigh less than bucket seats. dont dynomat anything. use lightest GOOD grease you can in the wheel bearings. use lightest weight GOOD oil you can in the differential. MSD type ignition box- thats a big one. Use resistor type spark plugs. if you have overdrive, Keep a single exhaust system - 2.25" to 2.5" with a chambered type muffler.
I got between 24-25 mpg with this setup, and its no word of a lie, no one ever believes me until they come for a ride with me and see for themselves. I bought this truck as a DD while I fixed up my 4x4 and its still my DD 3 years later. Its an 84 1/2 ton longbox. It has a 305 (stock as far as I know), with a 700R4, and a 3.07 posi rearend. 235/75/15 tires on factory rally rims. Almost all of the factory emissions crap is still on the motor, and it has a quadrajet on it. All I ever did to it was routine maintenance. Unfortunately its lacking a little these days as I've put MANY miles on it and it could use some love. But it still gets around 20 mpg or so. As for the power it has lots, no need for a 350, when properly tuned and in good shape these engines in these lighter trucks are great.