Yes but not with a dished 250 piston. you would need a flat top
piston. either a custom 250 piston Or you can go with a 307 piston. which would bring you around 9.5-1 and then you could mill the head for the rest. But at 10-1 you wouldn't be on the cheap 87 octange fuel you would need at the very least 93.
Two of the holley/weber type carbs that Tom Langdon sells could probley give you better MPGs over a single 4b seeing that the bores are smaller. But a small 4b Mite be as good?? This all would depend on how heavy your right foot is not matter what set-up you go with.