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That's actually one reason I was looking at this engine is that it is easily upgradable to efi and overdrive. Any ideas on what I could expect with that kind of setup?
Upgrading to overdrive is a great way to go. I'm not sure I would waste my time with EFI though. I don't think that would be cost effective. With OD you should be able to get close to 20 mpg.
Increase your fuel mileage by driving slower. Accelerating slower, anticipate braking and coast a lot. Buy fuel without ethanol. Some folks claim to get 30 MPG. I have not but I am trying.