At what speed are you looking to improve fuel economy? Assuming you have Quadrajets, if you're going slow the secondaries are closed and not doing anything anyway.
Things that could improve low speed fuel economy without tearing into the engine for internal changes are (in increasing order of cost/complexity):
- Set the idle mixture as lean as you can while still getting a good idle
- Re-jet the carb to lean out the primaries slightly while ensuring it richens up enough under heavier load
- Upgraded ignition system with a better timing curve and intake manifold vacuum reference, allowing more timing at idle and low rpm / light load
Done correctly, none of those changes will cost you power. Unfortunately, if you're looking to improve fuel economy up on plane, there's not a lot you can do. At low speeds, the stock ignition timing curves, carb calibration, etc. are not ideal for efficiency (they were built for simplicity and durability, which definitely sacrificed some low speed efficiency). Higher compression with aluminum heads, EFI, better cam profile, etc. would all improve efficiency across the board somewhat, but not enough to justify the cost.
Assuming you have closed circuit cooling, run a 160 or 170 degree thermostat and consider adding oil cooler thermostats as well. Those will be nicer to the engines for prolonged low speed running and may save a little fuel as well.
On my own 454 Mercruisers I've been gradually working through some of those changes. I've got a set of 170 thermostats to put in (currently have 160s) and I'm in the process of figuring out oil cooler thermostats. I've also leaned out the idle a bit (makes a small difference for a few hundred rpm above idle as well) and I've been looking into ignition upgrades (currently I have the Mercruiser Thunderbolt IV setup which is good, but falls very short on low rpm timing).