I can install a stiffer needle valve spring in the carb, which generally improves mileage.
It’s the orange spring if my recollection is correct. (Edelbrock AVS2 unit)
The axle is open diff about 3 to 1, which is the stock ratio. I drive it a lot in stop and go traffic because my other car (high mileage 2012 Suzuki crossover 6 speed) is manual and I want to keep it’s clutch alive.
I got the Suzuki new and it’s never had any power train issues whatever & I want to keep it that way.
Besides, in traffic people really notice the cougar more and get out of my way much better. A much louder horn contributes to it’s success.
If I actually drove the speed limit on the highway, it might or might not improve.
There’s no place for a low fuel light to even exist. If it did, I’m assuming it would be in one of the gauge clusters such as the fuel gauge.
I also wonder if an electric fuel pump might help. AutoZone of all places has a very nice Holley electric pump that can work of literally any fuel. Block off plates can easily be found for the 302 Ford.
The only concern world be reliability vs the mechanical pump. I’ve also heard that electric pump cars start up much faster especially if they (cough cough) run out of gas.