I remember the Mobile Economy Run, very well, in the '60's. Huge amount of TV ads where sold for it.
My folks bought a '61 Falcon Futura at the beginning of '61, with a 144 ci, 3 speed. A nice little car that got a actual, 30/31 mpg, with a 3.10 rear in it, about 26+ in town (if I wasn't driving it).
I know Ford was using high geared rears, by '58. My second car after HS was a '58 Edsel, 410 MEL (read 4500 lb, big box). It had a 2.89 gear and on the fwy, it could get, a measured 16 mph. I think that's when Ford changes it's thinking on rpm, as the 312 Ford-o- matic, had a 3.56, std ratio. Crown Vic's are now running final drives of less than 2.00 and over 40 mph per 1000 rpm.
I think their next gas saving strategy was weight, in the late '70's? when you started seeing lots aluminum, like engine brackets and air cleaners.
I'd still go with the 300, 4 spd OD or AOD and a turbo. Most bang for your buck.