I have a 1990 formula, 305 v8 TPI auto. The thing gets about 15-18 mpg .. maybe 20 tops. not terrible, but pretty terrible considering its not putting out nearly the horsepower a v8 should.

really I dont care what it does in a 1/4 mile, I just want a reliable daily driver that does screw me at the pump

Ive had a mechanic say that probably the best bet is a cold air intake, less restrictive exhaust/headers, and a performance chip. basically, more horsepower=better mileage, which I guess makes sense.

Ive had the plugs changed (helped alot!), and replaced the fuel pump after a breakdown.

Ive been considering an engine rebuild and balancing since I plan to keep the car for a long time but as gas prices edge higher, I definitely want something thats at least reasonably efficient. if I could get 20/25mpg out of this thing, thatd be great!

Any thoughts on which of the above would improve mileage the most? maybe all on combination? Any other suggestions?
Those of you with restored 3rd gen's, what do you typically get per gallon?

 

Really, the only time performance parts help fuel mileage is if your original stuff was bad (plugged cat, dirty air filter, ect) or the extra power will let you have taller gearing.
I'd do a compression test (leak down test is even better) on all cylinders, hook a vacuum gauge up to it, should have 18" or more at idle w/ a smooth needle. If that seems ok then do a good tune up using quality parts, this includes fuel filter. Make sure the timing is set right by following the instructions on the emissions label.
Hook up a fuel pressure tester, it should be 36-42 psi while running & should hold after the engine is off. Make sure the engine is running 190* while going down the road, a bad t-stat will make it slow to warm up & it wont reach the proper temp. for the best mpg.

 

You can check others mpg over at http://www.fuelly.com/

 

www.ecomodder.com

 

Horse power tv did a mpg show w/ a 3rd gen camaro, it was called The Lean Mean Street Machine. They had a couple good tips, but to me, most of it was advertising for their sponsers, so they could pay the bills. You should find some videos of it out there.