Take your stock set of heads and give them a MILD porting (just enough to knock off the casting marks) Guys years ago would take the 305 heads and put them on 350's to raise the comp. ratio.
Add a set of headers to ur list (they will still work for a 350 or 383)
Ditch the glass packs and put a set of good open chamber mufflers (you will be glad you did when its done, cause it will sound so much better, just my opinon, and the mufflers should flow just as good, if you get some good ones) (also a lil bit of backpresure can help economy)
And a good set of headers can increase economy well increasing horse power
Go for the intake for sure (once again you can use it on the 350 or 383 later)
as far as a cam goes, i would try to find a stock style h.o. cam, or a good heavy duty RV, truck cam, you will have more off the line tourqe, then some high power cams
And you might be able to find a "all ready to go" distributer, with everything you want (and again you can use it on a 350 if you decide to swap later)
As far as the carb, get urself a modid quadrajet, which will perfor like a highend carb, but get a lot more economy (if you keep you foot out of it), and leave you with more to go if you decide to use it
and if it has that low of miles, the stock oil pump should soot you just fine, just throw a bottle of lucas oil additive in the motor and you should be fine, even in hot weather
With all that you should be able to get over 15mpg in city, and even higher on the highway (depending on how you drive it)
I say this cause I used to 18mpg in city in a 1978 buick electra 225 (over 5000 lbs of car), with the same motor that i am putting in my cutlass, Which is a 40 over 403 with heavy duty rv cam, edelbrock intake and carb and a few other things
Also a side note, a 305 can be a high power engine, if built right, and no it does NOT cost more to build a 305, instead of a 350, Remeber most of the parts are the same, short of crank and pistons, also a shorter stroke and smaller pistons like whats in the 305, are ideal for a high rpm motor.