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I just bought a 71 F100. It's my first truck, and it runs really well. The only big surprise was the gas mileage (5.4 mpg -- does that sound right?) Glad to be on the site.
I first have to say that I'm not that knowledgeable about this stuff. Here's what little I do know: The engine is a 360. It's 2WD. It has headers. The original carb was replaced with an Edelbrock 600 cfm. The tires look a little bigger than the original tires would have looked, but not absurdly large. Other than that, I don't think too much was modified from the original.
As an F100, the stock gear ratio should not be too bad for mileage.
Taller tires should actually help a little with mileage unless they are very tall and wide (heavy).
Sounds like your 360 needs some tuning. Start with the ignition. Make sure all the components are in good shape, clean connnections and then check to see waht your initial timing advance is. You'll want it to be about 10 BTDC.
Check out the FE engine forum (a little farther down the main forum page) for more info about the engine. Use the search feature to find many threads on tuning and mileage.
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