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I ran a 331 for several years. There are several things that you can do to make it better. Electronic ignition and civvy wires (better yet is a civvy disty). Modern holley economaster 2bbl (better hot starts and better driveability). 12V armature in the starter spins the engine a bit faster.

I find it a little hard to believe that an M135 can achieve 14 mpg. I had a 302 powered 1/2 ton pickup with 3:08 gears and it got 19-20mpg at 55 mph. This is fairly typical based on conversations with other folks running similar engine/ rear gears. You have a lot more weight and frictional...

As Barrman indicated, there are several things that can be done to make the gas engine a litle more user friendly. I found my hot start problem to be significantly alleviated by using a newer holley carburetor and a 12V armature in the starter. A civvy distributor and pertronix didn't...