Look at the carb. Have the carb. rebuilt if necessary. Check the timing, do a tune up-plugs, wires, etc. Put a HEI in it. Or convert the distributor to breakerless (no points) with a Pertronix kit. If you are serious about better mileage, put a fuel injection system on it. (if you are not worried about absolute originality). You could also put an overdrive trans. in it.