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Sounds like a few good options have been brought up. I guess step 1 would be what Flak Monkey suggests - "wideband lambda sensor and gauge and get tuning" Then you can get it towards the 10's. In regards to what tuning involves, i'm not too sure, sorry. I believe tinkering with the carb - jets / fuel amount etc. I have a PDF for the Edelbrock carb which shows you where to make adjustments, what jet setup to use etc. Do you have one for your carb? That could be a good starting block, coupled with the wideband sensor. For what it's worth, a friend had a double pumper and took it off as it was quite thirsty, giving him under 10mpg.
For the gearing, a 400R sounds like a good option if you want to keep the rear gearing as is. This may not help too much with town style driving as you'll never get to the 4th gear. So another option would be a bolt on overdrive unit? I posted a video about a week ago - HotRod Garage on youtube fitted one and explain it, see if you can find that vid. It's not a cheap unit but you can engage it any point, so even in first, giving you 0.75 output... say you're doing 3,000rpm in 2nd gear to stick to a 40mph zone, engage the overdrive unit and it will drop the revs to 2,250 RPM.
Please excuse my ignorance but what exactly is a 400 R ? Plus where exactly is an overdrive unit fitted in or to? To be honest my lack of mechanical skill and knowledge normally points me in the direction of the local garage or specialist for work on my cars. I think tuning a carb (to me) seems a pretty intricate job and best left to those in the know.