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If you want a fuel sipper then a V8 is not the answer.
Make sure your car is road worthy, up to date on the tune up items, tires are good and properly inflated and best said earlier "use a light foot".
2014 V6 Deep Impact Blue Mustang, Borla Type S, 2.73 (Uughh need 3.73) 1989 Sonic Blue Mustang LX Coupe, 349 ci, 392 rwhp 424 rwtq....Mustang Dyno "There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest of them have to pee on the electric fence for themselves." -Will Rogers-
Actually the Fox isn't too bad on gas at all. I had a 1971 Nova that was getting like 8 miles to the gallon and my father in law's Expedition wasn't much better. So when your light on the gas and getting 16-17 mpg then I'd say it ain't bad. Not to mention you can't run all this performance stuff and expect to get good mileage. If your worried about gas then take it easy most of the time then pound it once in awhile and you will be fine. There is no free lunch...performance=gas eating unless its a turbo 4 banger then it's slightly better. Just my 1.5 cents.
for better gas mileage do cold air induction exhaust and retard timing a little you loose a little from retarding timing but i was getting 22 mpg when my car was a daily driver now im lucky to get 14- 16 mpg dam 4.10 gear