Factory horsepower numbers are useless in this discussion. These guys are taking about "building" one, I doubt any of these guys would rebuild it stock.
Another thing to consiter is the years they where used where NOT a good era for HP or efficiancy. I dont have a book handy but I do know my 79 gmc with a 400 small block was only rated at something low like 140HP. My point is they wasnt even trying to make decent power in the 70's and 80's. At least not until the last of the 80's. Not to mention the sales of differnt engines would determine how much R&D a family of engines got. Im sure V8 powered trucks FAR out sold I6 powered trucks.
That brings me to a question about the thinking of the people who packaged trucks. "Why do they offer striped down no frills work trucks with LOWER power engines?"
wouldnt it make more sence to give the "work" trucks more power?
Simply put the market didnt demand improvments to these engines. I think if someone was willing to take the time to do it right the rewards would be just what he or she expected. I personally wouldnt bother with a 250 might as well start with the big boy and build a 292. One built correctly should make exellent torque. Torque would help a vehicle maintain speed, the easier it is for the engine to do that the less fuel it should burn, in theory. Real world results as we all know will tell a differnt story.
Here is how I would build a 292, bore it to a 305, 12:1 pistons a custom ground cam to support LPG, a custom long tube intake with close to equil lenth runners, and I would have to do some research on heads or head work. And finally a good header. I would run this engine on LPG only rather than any sort of dual fuel set up.