I kept mine old school for my 85 k20 that's my daily (106 mile commute, all highway)
I took out what the PO said was a rebuild 350
leaked everywhere, best was 10.3 miles a gallon.
I swapped in a vortec 350 from a 97 1500.
added summit max efi, now I get 14.5 mpg.
I'll eventually swap in a 700r4 instead of the th400, and re gear for more favorable highway gears. Still have the 4:10 gears with 14 bolt semi float.
For me once I added all the nickles and dimes
it was near 4500 for an ls swap that would give me the same mileage I'm getting now.
My swap cost me around 1600, I had the engine already.
I guess it comes down to what are you using your rig, how much do you want to spend and how long will you have it down for.