Heat is what causes 3.0 engines to ping, and the two contributing factors that cause that cause that heat are 197* thermostats in an older engine that wasn't really designed to run that hot (as evidenced by all the cracked cylinder heads you hear about on the Ranger forums), and spark timing from the factory that is too far advanced.
When I swapped a 180* thermostat into my engine it eliminated about 80% of my pinging (I also tried a 160* thermostat but it didn't do anything to further reduce pinging so I went with the 180*), and I bought a tuner and retarded my timing a couple of degrees, and that took care of the other 20%. I also blocked off the hot water feed to my intake manifold so that the intake charge doesn't heat up as much... whether that helped anything I don't know, but it certainly can't hurt.
Yes theoretically gas mileage is supposed to go down if you cool an engine down, but if anything my mileage seemed to go up a bit. As the poster stated a cooler engine will make more power, which theoretically should lower gas mileage, but a more powerful engine will allow the driver to use lighter throttle settings, so perhaps that's why mileage isn't affected all that much one way or the other.
Yes, heat is what starts the pinging, that is simply what pinging is, as said, but what causes the extra heat is the cause of the pinging not the heat itself.
By running engine a few degrees cooler you have fixed a symptom but not the cause, nothing wrong with that approach, it is simple and it will work.
All ford 3.0l ohv engines are prone to pinging, but not all 3.0l engines ping.
The Vulcan 3.0l engine runs 9.3:1 compression, all the other ranger "gasoline" engines are 9.0:1(2.8l was 8.7:1), this makes the 3.0l prone to pinging using 87 octane if any other component is not within spec.
Any carbon build up raises compression above 87 octane rating on the 3.0l, on the other 9.0:1 engines there is more tolerance for carbon build up.
Early 3.0ls had less pinging because of the Knock sensor, but Ford had to drop the Knock sensor in the mid-90 3.0ls to meet stricter emissions standards, knock sensors would retard the timing automatically when pinging started, but that also raised emissions.
The whole point of fuel injection is to get better MPG, and to do that you run the leanest mix possible.
A "perfect" air/fuel mix will melt pistons and valves because it is too lean, so you don't want mix to be too lean, lol, but to get the benefit of fuel injection you want it to be as lean as possible, just lean enough to get good MPG but not lean enough to heat cylinder to the point of pinging.
This is where the EGR system comes in to play, the exhaust gas actually cools the cylinders when mixed with the air/fuel at higher RPMs.
If you have pinging when accelerating or going uphill the EGR system is the most likely cause, that's when the computer uses the EGR system, when engine is under load.
Could be simple buildup in the EGR tubes or valve, so less flow=less cooling, could be the control module, the DPFE(usually a DPFE problem will turn on the CEL since it is emissions related).
If engine has been using oil with no visible leaks then you probably have some carbon buildup, this leans the air/fuel mix(carbon absorbs gasoline), and in the cylinders carbon buildup raises compression and holds in heat, so a double whammy.
The MAF sensor is the main provider of data used by the computer to set air/fuel mix, these do get dirty, the air plenum tube between MAF and intake can get cracked, connection can get corroded.
Any of this can cause a leaner mix.
The O2 sensors tells the computer if air/fuel mix is too rich or too lean, this is the secondary data the computer has to adjust the mix, but this is a fine tuning and has limited adjustment parameters.
If you have a '98-'00 there was a TSB for the coil and PCM related to pinging.
Google: Article No. 00-24-08
Interesting read overall in that TSB, lol
You can also try a cooler spark plug, although I think Ford already has a cooler plug speced.
And you have to watch out when switching brands of spark plugs, you may have a favorite brand which is fine but make sure the heat range is the same or cooler than 3.0l speced model, hotter model would increase possible pinging
Cooler spark plugs don't have less spark, cooler means the tip of the spark plug is kept cooler because it bleeds heat to the head faster than a hotter plug.
This can keep the tip of the spark plug from getting red hot and pre-igniting the air/fuel mix.
But too cool and spark plug won't self-clean(burn off carbon), so could foul and cause missing.
MPG
Well if engine was pinging like crazy and cooling it down via lower temp t-stat diminished the pinging then I would expect MPG to go up.
A poorly running engine will get less MPG