I think the coolest part about this truck is the big block. That 396 is just flat out the whole character of this truck. I think you would be surprised the mileage you would get with EFI and an overdrive.
I would just use EFI kit like smokin said. Would be much easier if you do have a cam, or if you choose to mod something later. I am biased though as I went through the tbi tuning hell when I was younger, when you had to get custom burnt chips, before mega, yada,yada,yada....
I have been driving a fat block daily for 10+ years. Get about 13mpg. 15 on the highway.
Not great but not that bad compared to a tbi350 in the same truck....and I know your all about the LS stuff and they are not even comparable. I get that.
BUT COME ON IT'S A 396! How cool is that!