Gearing is a big part of optimum mileage. I agree with Ron in that it will be very "iffy". It's all about RPM and MPH and how you drive the car. This is why I have to agree with Jim that the first thing to do is put the five speed in. It allows you to keep your RPM in the best range for either power or mileage. To sidetrack slightly, notice that GM just introduced a new six speed automatic transmission for this reason...

When you think about it, it's not unlike why big trucks have 18 speeds, it keeps you in the best powerband regardless of the situation!
Face it. More gear selection is most important, final ratio is just a part of tuning it all in. Other huge factors are engine tuning, like your camshaft choice, fuel management, exhaust system, even your tire selection and front end setup!
There's just a lot to it, and few cars from the early seventies were designed to be extremely fuel efficient... GT's were only supposed to fun, right? Ultra comfort and economical are terms used together only when describing the brand new plastic cars.
If your idea of fun is making your GT get 40 miles to the gallon, a lot of us are with you but you got your work cut out for you! And it won't be pristine stock any more.
The "mileage" poll is neat. It would be fun to verify the cars with the best reported mileage and see just how it is done. It would also be cool to see the end results of all the fantastic engine swaps that are daydreamed here.
Where's the hybrid GT? The diesels? The Ecotech rubber waster? Oh, they were too much work and a new Geo is only $12,000...
Enjoy your sweet little German version of transportation every way you can, while you can, you only live once...