Assuming 12.5gallons at 24MPG to get 300 miles
Changing it to 29MPG would be 10.3 gallons burned, so saving money on about 2 gallons.
$6 a day, not nothing but it will take awhile.
And a Ranger is just a heavy commuter vehicle, seems like Calif would be full of "less expensive"(high miler) 2 door 4cyl cars that get 32+ MPG.
Putting 300 miles a day on your Ranger just seems like a waste unless it is already a high miler.
Keep the Ranger for weekends and trash the car
Yes, I doubt even Ford could sell a 3.08 with a Lima 4cyl, lol, I am sure there were some made, as requested option, but anyone taking it for a test drive wouldn't be too impressed.
Yes alot more to it than liters of air consumed.
Lima in a, 5,800lb F-150 wouldn't get very good MPG at all, even with 3.08

joking, in the 3,200lb Ranger it was just OK.
In an 1,800lbs Yugo it would get GREAT MPG
Power to weight is important.
I don't think the power(torque) would be an issue with the 3.08, simply because you can go to 4th or even 3rd as needed, for the terrain, OD is just an option available on long flat stretches of road.
Yes a vacuum gauge is actually a good idea, when you want to squeeze the best MPG from an engine a dash mounted vacuum gauge gives you real time info and feedback to keep your foot off the gas pedal.
Happy medium could be going with taller tires.
I just assumed you had stock 26" tires
If you went to 29" tires it would in effect change the axle ratio to 3.34, I don't think that would change MPG much, because the 29" tires are usually wider and weight more.
But don't discount bobbywalters Vacuum gauge idea, they don't cost much and just having that feed back in real time can help you maintain best MPG.