Which "302"? If you're referring to the late-60's Z-28 Camaro V-8, I believe the original distributor was a dual-point unit without a vacuum advance designed primarily for high-performance operation with little attention to fuel economy.
If you're referring to the GMC 302 6-cylinder, I can't comment, as my exposure to that engine has been very limited.
If you're going to use the Camaro as a muscle car like it was intended to be, stick with the stock dual point setup and don't worry about gas mileage. If you're going to make it a "Granny's Grocery-Getter" street engine, drop in a mid-80's HEI distributor with a ported vacuum advance. The original 302 had an extremely radical camshaft, and didn't like to idle below 1,500 RPM or so. Getting any kind of low-speed performance or gas mileage was just about a lost cause, regardless of the type of distributor.
Jerry
