Late to the party again, but reading this, I just had to add my thoughts.
To start, I try to always say, "your car, your way", but to be honest, if I saw a 71-73 Mustang at a show with anything less than a Coyote engine swap, I'd be disappointed. A 2 ltr Ecoboost would just look wrong. I mean there is this huge engine bay (until you shoe-horn a Coyote in there), with a relatively tiny motor dropped in. Yeah not for me!
Here in Canada, well Ontario, I'll currently be paying $7.60 Cdn for 3.8 liters or 1 US gallon of premium gas. With the milage I get from my 351C 4V M code, it will work out to be about 50 cents per mile. Yes it chokes me up to pay that much, but I really don't care. The car is a blast to drive and I can get between 12-16 mph /US gallon, 15-20 imperial.
So I'll spend an extra 200 bucks on gas for the summer's fun, still beats all the agro of an engine swap, just to save 50 cents.
If it came to needing to get better mileage, better gearing would be my go to approach, like a 6 speed manual. I already have 3.25:1 rear gears.