we need to know a little more about your truck first. I'm guessing its the truck in your sig. but what size tires are you running? what gears do you currently have? most of the mods listed are appearance related, is the engine/drivetrain stock? how do you use the truck (is it a DD, weekend warrior, etc?) what type of driving does it see the most (city or freeway), etc. what transmission do you have?
without knowing too much I'd agree with shortchevy, a full tune up is what you'll want to do off the bat if you haven't already. fix any problems or issues you currently have first. a tune will help a little, and an efan CAN help a little too....I personally wouldn't recommend 3.08's ESPECIALLY if you do much around town stop and go driving. the XFE trucks have 3.08's however they also have a MUCH different transmission which helps pick up the gearing slack in the lower gears. its not a steadfast rule, but generally, lower gears (larger numerically) help out with around town MPG, whereas higher gears (lower numerically) will help out on the freeway MPGs. the thought behind this is that around town where you're constantly stopping and going, more gear will require less to get the truck going from a stop, whereas less gear will give you lower RPMs on the Freeway, so its a tradeoff and you'll want to taylor your gear to your driving style and location and such. but your transmission also plays a huge role in what gears you should choose. for example, I have a T56, and I GAINED almost 3-4 full consistant MPG's when I removed my 3.73s and installed 4.88s (on STOCK tire size). but thats not a normal situation, and I wouldn't recommend 4.88's on a 4L60e or something if you aren't running large tires.
removing weight is a great idea, so is the vacuum gauge. also anything that will increase the efficiency of your engine will also raise MPG and power output, (mpg will increase assuming that the weight of your foot stays the same.)
as far as power is concerned. anything you can do to a 350, you can do to a 305, so heads/cam/tune/forced induction/intake/bla bla bla.