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I had a 96 F150 4x4 with the truck 302 (mass air EFI) and the 5 speed manual. It got around 15 mpg stock, but with the timing cranked up to 12* BTDC, it got 17MPG on the hiway. This would cause the check engine lite to come on, but since I knew why, I didn't care.
My brother had 94 2wd F150 with the 302 and the 5 speed manual. He installed a cat back 3" exaust, and also cranked up the timing using a chip. It got 19-20 mpg on the hiway.
I have an 85 5.0 Mustang with a Holley double pumper carb, and 5 speed manual. Stock with 2.73 rear gears it got 27 mpg on the hiway and about 21 in mixed city/hiway driving. Now it has 3.55 rear gears and an E cam equiped 350 horse 302. It can still get 25mpg on the hiway. It depends how fast I drive. If I cruise at 65mph it gets only about 21mpg. If I cruise at 80mph it gets 25mpg. However, if I kick it up to 85mph cruise, it drops back down to about 20. In stop and go, city only, driving, it will only get around 12-16 mpg though.
That's pretty decent mileage, I was expecting it to be a little worse... I've never owned a 302 so I'm not too familiar with their fuel economy... I might be better off for now with the stock explorer cam or an HO cam from a mustang... Most of my driving is highway cruising right about 1900-2200rpm.. The Comp XE265 looks nice but from what I can tell from their website, it's not a roller cam... I may be wrong cause it was pretty late the other night when I looked....
The main reason the Explorer engine has such a sucky power rating is it's headers. Hard to believe but the headers on that 5.0L Explorer are the most restrictive things you will ever see, more so than a manifold.
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I found these specs on another site.Personally i'd either get an 85-95 Mustang cam or a good aftermarket cam like the Crower 15510 or Comp XE264HR-14(Cam i'm using in my truck great low/mid range power and gas mileage is at least as good as it was with the stocker).