I have a 3.23 gear, continental 2200 stall converter, Turbo 400 transed '68 GTO. I get 10 mpg in town, 15 on the highway.
The best way to get better mileage than you're getting now is pretty basic. Fresh tune; light right foot.
Get the distributor checked to make sure the mechanical and vacuum advance are in good working order. The electronic conversion is a good way to go; less tune ups and more reliability. I've used the Mallory Unilite conversion with good success. You can gain a bit by bumping the initial timing up two or three degrees.
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