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Hi, I am Mike, welcome. I'm reviewing your question.
The 4.9 has 150 horsepower at 3400 rpm and 260 lbs of torque at 2000 rpm.
The 1990 mustang 5.0 also has 150 horsepower, but the HO engine has 225 horsepower at 4200 rpm and 300 lbs or torque at 3200.
Also, Ford offered a performance head that was a stock part on 1993–1995 Mustang Cobra models and pre- 1997-1/2 Ford Explorers and Mercury Mountaineers equipped with the 5.0 L engine called the GT-40 head (casting id F3ZE-AA).
Stock, that 1986 302 only has 145 horsepower.
More power is probably not going to mean more mpg, chances are it will mean less.
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If you want to try to improve fuel economy you should try to improve engine breathing. Usually going from a single to dual exhaust can improve engine breathing or going to larger diameter exhaust pipes. Also headers are known to add both horsepower and fuel economy.
Yes, on the heads.
What else can you possibly be waiting on?
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