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A high stall converter would "slip" more, probably would reduce city gas mileage and increase transmission heat. If it still had the lockup feature, highway mileage would not be *that* much different. But high stall converters make the most sense with high-revving engines that do not have a lot of low-end power, and the 300/4.9 six is not that kind of engine. An engine like the old 302/5.0 V8 would benefit far more from a high stall speed converter. (The 302 has a 4 inch bore, 3 inch stroke, whereas the 300 is virtually 4x4 inches, so the "leverage" of the stroke is far greater.)
I put about 90k miles on a 300 inch six in my old '78 Ford pickup, and remember the big torque that the engine put out. I've also owned a couple Ford vehicles (an old E200 van and a '78 LTD II) with 302's. The 302 did not work as well pulling a lot of weight.