My MPG experiments with my Fairmont wagon (anything but light) so far have been good. Some of these don't apply to the 'stang, but here's what I've done to get from 12-14 MPG to 17-20MPG (town-hiway):
1. Raised compression to 9.2:1, used steel head gasket for good quench. If I get it apart again, I'm going to mill the block for even tighter quench.
2. Already have DuraSpark II: found that Autolite Platinum plugs work best - forget SplitFire for gas mileage.
3. Oil = 10w40, run 1 can STP in hot weather.
4. Radiator fan now has a clutch.
5. Timing is 3 degrees more than stock: 11 degrees at 550 RPM.
6. Idle speed: 550 RPM - very important, because you idle more than you think you do, and it's ALL wasted MPG.
7. New catalytic converter.
8. Air adjustment screw in carb is set 1/8 turn in further than the smooth spot - it's slightly rougher and leaner, but saves gas.