go for the Big Block.  You're unlikely to ever put it to full potential, unless you race it, but it's the neighborhood bully.  Depending on gearing and your right foot, it may do as much as 15 MPG.  A late model fuel injected motor will beat that all day long.  Small blocks can be built to ridiculous amounts of power these days so the only real factor is what you want to see when you open the hood.  My 427 got me 12 MPG on a 600 mile round trip with a 4 speed and 3.55 gears cruising 65-70 mph.  Not too shabby.
 
Devin 

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