Any time you reduce exhaust back pressure the engine can breath better and as a result torque output goes up. So the end result is if you drive gently and don't use the extra torque for "fun" your gas milage should increase.
Adding a staged 2 barrel carb will help also, the mono-jet is a simple design and isn't up to the task of delivering both mileage and performance. Remeber when it was designed gas was <30 cents/gal.
Try and get a staged 2 barrel carb off of a late model 250 six with the integrated head and get the linkage etc. while your there.