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Other than what's previously mentioned, check the exhaust manifolds for cracks, and look at your cats. Replace or blow out your air filter, fuel filter, etc...
My 85 F-150 Short Bed, 4 X 4 ,351 4V H.O., 3.54 gears (9 inch Ford rear), has always gotten 10 miles per gallon. It has 32 x 11.50 x 15 BFG All Terrains, Jacobs Computer Ignition, Duel Exhaust- 2.25 in from manifold to rear of truck with Flowmaster Delta Flow 40 Series mufflers. K&N High Flow Air Filter, Plugs indexed. It averaged 8-9 mpg before any mods were added. None of the modifications helped gas mileage other than the exhaust. Exhaust was added last, so possibly, exhaust worked with the other modifications.
I'll check the cat, I'm pretty sure since my truck is old enough I can actually remove it here in BC. I could be wrong though.
Everything else has been done already, new filters everywhere, plugs, cap, rotor, timing...EGR valve tested..havent checked the 02 sensor.
The other thing is, the truck is an absolute slug. Seems to have little power overall, my 93 V6 toyota with the same tires had waaaaay more juice than this thing, and it got better mileage.
Leads me to beleive that the engine is on its way out. I'll keep driving it until she wont go anymore.
I recently just got a 1984 FORD F250 with a 351W, it was as well a slug. I played around with the timing and now it has better mileage and a lot more power. You should make shure your timing is correct.
My 85 F-150 Short Bed, 4 X 4 ,351 4V H.O., 3.54 gears (9 inch Ford rear), has always gotten 10 miles per gallon. It has 32 x 11.50 x 15 BFG All Terrains, Jacobs Computer Ignition, Duel Exhaust- 2.25 in from manifold to rear of truck with Flowmaster Delta Flow 40 Series mufflers. K&N High Flow Air Filter, Plugs indexed. It averaged 8-9 mpg before any mods were added. None of the modifications helped gas mileage other than the exhaust. Exhaust was added last, so possibly, exhaust worked with the other modifications.
Not to be a typical NW chapter member, and hijack the thread, but I just wanted to say that I have almost the exact same truck as you. F150 4X4 351 4v HO. Mines a longbed with 3.50 gears (9 inch). I've always gotten at least 12 mpg as long as I don't have the hubs locked. My only mods are headers (didn't help mpg) and 6" lift on 35's... LOL