Generally speaking power and gas milage are opposing values.
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Not at all. Increasing te efficience of the combustion process increases power, reduces fuel consumption, and reduces emmisions.
Zuki-Ron said:
Power:
Tune up
Better header ( I hear Borla makes a good one), cat back exhaust (Borla, Flowmaster)
Cold air intake system (K&N)
Synthetic oil
Fuel system/computer upgrades
Gas milage:
Tune up
Synthetic oil (same reason as above)
Tires to correct pressure, and a "non-agressive" tread "AT"
Midgrade fuel (not the cheap low test stuff)
Use crappy "Champion" plugs and you will get Crappy performance. Use something like a NGK "V" Power plug. Use "Standard Ignition" Cap/Rotor with the Brass terminals. Use Good wires! Autolite 7mm, Accel... No bubble pack crap.
The synthetic oil will let you run a lower viscosity than you would think with the SAME protection which helps reduce windage losses. A typical example would be a 5-20W instead of a 10-30W.
I agree with most of what is here except,
Running higher octane fuel will not increase power or lower fuel consumption, it will only lighten your wallet. Higher octane fuel conains no more specific energy than lower octain fuel and will produce no benefit in a motor that does not require it. In fact it can reduce fuel economy because it has more resistance to igniting. The catch is that if you have detonation then you do need to go up in fuel grades. Also many vehicles have knock sensors that will retard timing if knock is experienced but I don't believe the 4.0 has one. With the compression the 4.0L has standard fuel should be no problem. If knock is experiences a combustion cleaner is more likely a better fix than higher octane fuel.
When using synthetic I would stay with the recommended viscosity. You should still see some advantage over regular oil from it's better lubrication and better pumpability.
Champion spark plugs do suck but they do thier job just fine. I wouldn't buy them because there are better made plugs for the same money. I would not buy fancy plugs in hopes of better fuel mileage. You can run platinums for longer life but their higher price may negate any benefit. Just run some Autolite's or AC's and change them at the recommended service intervals.
B-loose