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Reducing the weight in the truck helps. (tools, boxes, unncessary items, etc) In addition to getting rid of items not needed, driving style has a huge affect on these trucks. Keeping the RPMs around 2k all day sure does help!
A little advice, don't waste your money on an aftermarket intake unless you plan on going with custom tunes from a reputable tuning company to take advantage of the extra air.
You won't see massive gains with the 5.4L, but you can obtain some nice driveability upgrades with custom tunes.
I have to agree with all of the above. You can't get more '*****" and better MPG. They don't mix. Keep the tach below 2 or 2.2K and drive like you have a raw egg between your foot and gas pedal. Keep the bed empty and if you can, take the scenic dirve and stay off the hiway. I've gotten around 1 1/2 to 2 mpg better mileage over the last couple of months by doing scenic route here where I live. It takes me about 3 minutes longer to drive the exact same distance but the drive is so much more enjoyable and I'm saving gas.
Keep the spare tire on the garage floor if you're only driving around town. That's 125lbs less weight being lugged around, and the truck does seem to have a little more zip (maybe more in my head). Needless to say, I'm getting only high-13, low 14-ish around town. I can push about 16-17 on the freeway. That's not much better than my 6.4!
Running pure gas without ethanol really helps. I drove from Nashville to Cincinnati, OH and refilled in Cincinnati with 14 gallons and a tripometer of 280 miles which equals 20MPG. I drove the last trip exactly the same using regular ethanol based gas and I saved 1/4 tank by using 100% gas (non ethanol). My truck is 2004 f150 FX4 supercab with 3.73 gears.