So what would you do? Engine choices for the wagon

[Ford Blue blood]

when i worked for ford in the early 90's,the 5L crown vics would get about 30 mpg on the highway and had the power to pull a small trailer.with duals put out 160 net hp.i am working on a 4.6 swap for my ranchero,the 5L swap is a little simpler than the 4.6.right now the ranchero has a stock 67 289 and gets almost 25mpg,will cruse 60mph all day long [need a overdrive]just some things to think about.

Couldn't agree more.  The 66 Ranchero pulled an honest 32 MPG at 65 - 70.  The old speed density system in the Crown Vics is so simple to hook up and run.  The harness for the engine/transmission is self contained, in other words pull it out of the car and put it in the wagon, hook up +12v, 12V run, 12V start, a ground and the fuel pump on signal wire and it is done.  Those engine and transmissions were for all purposes bullet proof and would run forever.

[Roothawg]

I may just rebuild the 292 and throw the C4 conversion on it.  I thought about rollerizing the C4 to free up some parasitic drag.

[Ford Blue blood]

For the money you would spend on just the C-4 convertion just put the 3 speed OD in it with a 3:23 rear gear and get a FAST system.  Best of both worlds, good solid engine/transmission and fuel injection and that should give you the performance you are looking for in both modes of operation.