In my 1986 coupe, I replaced the catalytic converter with a free-flow unit, replaced the muffler with a free-flow unit, replaced the air filter with a K&N filter, replaced the spark plugs with Bosch Platinums, and advanced the timing a few degrees.
The EPA rating for the 1986 2.5 liter with 5-speed Isuzu is 24 MPG city / 36 MPG highway.
Plotting fuel economy in city driving (going to work, school, grocery store, etc) for 1000 miles, the car averaged 27 MPG. On the trip to Run For The Hills 4 (about 1200 mile round trip, most of it cruising at 80-85MPH), the car averaged about 40 MPG.
The mods, along with the advanced timing, did increase the performance slightly. Nothing to write home about, but it was enough that I could tell the difference (just barely).
The advanced timing might have hurt the fuel economy a little (not sure), so you could possibly do better. I was also using wide tires (215/60-R14 front, 245/60-R14 rear), which would increase rolling resistance and hurt fuel economy. And I don't drive like grandma, either.
Your results may vary.
[This message has been edited by Blacktree (edited 07-22-2002).]