An electric is best for mpg, followed by any type of clutch fan. The power for an electric fan shouldn't be too big a drain on the system if its up to par, but if you have an older 45 amp alternator, it might struggle to keep up at idle speeds. Upgrading to a three wire GM style alternator is easy but you will lose the ammeter function on early Mustangs. There are higher capacity early-style Ford alternators that plug in and are a worthwhile upgrade.
Aside from hp losses, flex fans and fixed-steel fans are noisy, too.