I've been following the aftermarket EFI situation since they first came out. I was considering one of the first ones UNTIL I considered that the full install kit and unit were about $2500.00 USD, THEN put install labor on top of that. PLUS a compatible electronic ignition system and what makes IT work as needed. So, those $$$$$ signs started to appear and lose their brilliance, to me.
Consider, too, that the EFI TBI unit is just an electronically-controlled fuel dispenser, whereas the c is "analog". So, a newer carb with better atomization (as the AVS2 Edelbrock or a spread bore Street Demon could do about as well without all of the cost and installation/calibration/tuning activities. That's how I'm looking at it.
I've also seen the "horror stories" of how that things just don't quite work as well "as advertised", ti seems.
A friend in another car club has a '50 Buick Super straight 8. He built an intake manifold for the car out of tubing bends. He looked around and found Affordable Fuel Injection and got their system a few years ago. His highway mpg improved about 1mpg or so, with better driveability, over the orig equipment carb (1950s vintage). The install was easy. On his system, at that time, they were using a mid-80s style GM ECU, with a custom chip for his application. He's still "in love" with it, letting it also do the timing controls. Using a GM 2bbl TBI. I'd check out THAT system as it seems more basic and plug-n-play, to me.
I recall some EFI threads on the Drydock board several years ago. No big improvement in mpg, it was noted.
To me, the best place for a self-learning EFI system is on an engine which would have mis-matched specs/equipment (cam, heads, carb size). Something which would be hard to tune with a carb, in other words. A stock-type engine is not in that mix.
As for changing the rear axle ratio from a 3.23 with a manual trans, NOT a good idea, to me. You can do it, but getting it off the line in normal driving will take more clutch slipping from a dead stop.
But, as mentioned, get the car checked out and see what's there FIRST. Get acquainted with it in all operational aspects. A baseline situation. Then see what's under the hood. Stock ignition, what spark plugs, and how long have they been in there? Which carb? The usual stuff. I would expect that it'll do about 15+mpg on a 65mph cruise trip of 100 miles or so (generally level ground). Which is about where the automatic cars were when they were new.
IF you go with an EFI system of any kind, you step off into a new world of things. New adventures, of sorts, when something might not act as it should. BTAIM.
Getting more efficiency out of the existing engine will require more than just something that bolts onto it. The Edelbrock MPFI would be a good start, though. As good as the EFI TBI units were, they are still "fuel mixers" that rely upon intake manifolding designed for carburetors and "wet flow". MPFI systems are designed for "dry flow" and the injectors are better at atomizing the fuel, generally. One reason why the OEMs all went to it, eventually.
Doing some good headers can help efficiency, too, but can have some duratility issues of their own, especially the header gaskets (use the "black ones", not the base "white" ones). Which will also require some exhaust system upgrades, too.
Plus a good electronic ignition system, "fine wire tip" spark plugs, a compatible electronic voltage regulator. In other words, these are some of the things you'll need with an EFI unit anyway, so you can do them first with your carb.
As for the existing carb, you'll need to see what it is before we can talk about that. Getting it tuned with finesse (mixture, idle speed, etc.).
On my older cars, which I used to drive daily, I want them to drive as well as they can. Start when cold, stay running, and get great highway/average fuel economy. It can be done, but you won't find a manual that will detail what EACH engine needs or wants to get there. You have to learn it, unfortunately, but once done, a sense of pride can result.
Shoot us some pice when you get it and go from there.
Keep us posted, plese.
CBODY67