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By no means are you going to get better gas millage with a 460. What will help a little, key word little, is a 4bbl and intake, and free flowing exhaust.
What condition is your 390? Good dual exhaust at least, with crossover pipe just behind the trans. Headers are preferred. You can do the 4bbl but what fun is that if you run around on the primaries?
You thinking of a rebuild?
If you are carting something heavy, you are going to flog the 302 and it will be almost a thirsty and somewhat to very unsatisfying.
Your best bet for economy is pumping up the tires, tune up the engine and slow down.
Face it, you're married to that FE without a donor vehicle to steal parts from for your 460 transplant. On the positive side, your 390 doesn't have to be a slouch -and won't be with a few of the right parts. A stated earlier, a free-flowing exhaust, 4bbl carb and a prudent right foot would be a good start. I can see no reason why such a combination shouldn't net you 13 to 14mpg.
I found the tag on the rear 357 was this a ratio that was common?
No such thing as 357, the tag from this vintage vehicle will either have WDM- something on it, D3TA-something, or for example 3L50 if LS, or 350 if not.
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