I'd give some thought to the 2-barrel progressive carb conversion, from Langdon. I was planning that for my 3/4 ton until events overtook me, but that's another story. The
small primary, plus overall better design, should produce mileage imprevement.
If you're on a real budget, figure out how to rejet that Rochester. Carbs can be way rich and give few signs of it; the only way to really dial in is to get it too lean and then back off.
I'd think you could squeeze 12 MPG at least out of an old truck. And of course taller tires is a cheap trick.... if you can find them.
Good luck!
George