Minimalist, the problem with engineers is they are expected to know everything. Not wanting to let anyone onto the fact that they don't, they like to lash out at anyone who dares to ask a question. If they don't know the answer, they lash out with proportionately more zeal. How dare you ask a question and on an engineering tips forum to boot!
You should have asked this question on a purely automotive forum where people who have been tuning cars for years could tell you exactly how they have achieved what engineers haven't.
If you had asked this question in the 1950's someone like patprimmer would have probably had pretty much the same answer, yet here we are in an age where never-before have horsepower, fuel economy and low emissions ever lived so happily together.
I do not know the answer to your specific question, but I think the spirit of your question is, are there ways to improve my fuel economy without sacrificing (or while improving) my performance.
The answer is yes. Most of the easiest and cheapest ways have been touched on here in this forum. I can name many others and I do not consider myself an expert by any means.
As a recap, those already mentioned directly or indirectly:
1. Drive more fuel efficiently. On Top Gear (a British car show) a journalist drove 800 miles on a single tank of gas in a turbo diesel V8 Audi. It was about 40 mpg.
2. Keep your car in tune and tires well inflated.
3. This is the absolute best way to save on your fuel bill: lose weight! There are many ways to lighten a car without significantly effecting it's overall character. And if you need to lose a few pounds yourself, that wouldn't hurt. As a benefit, you will not only get better mileage but your car will accelerate faster, stop quicker handle better and the women will take note of your new physique!
4. Have the ecu which is designed to meet a wide variety of driving conditions in a reliable fashion, retuned or replaced so that your engine will maximize economy.
The problem with any modification is that there is always an associated cost involved. Even filling your tires with extra pressure will stiffen your highway ride and it may increase your stopping distance. So we really need to know more about how far you are willing to go and what you consider an acceptable dollar amount. After all you could buy more gas for the cost of that header wrap.
When you say you don't want to do anything radical, do you mean you don't want to have to do engine work or do you mean you don't want to do a full up F1 style redevelopment of your car? Since I don't know what "radical" means for you, I will just mention a few other ways that you can improve your economy with an eye toward improving (or not decreasing) performance.
5. Increase your compression ratio. It helps performance and economy. Unfortunately your engine will run hotter and endanger it's survival. This can be mitigated with a water injection system (instead of added fuel)which can be pretty cheap or pretty expensive depending on how elaborate you go. If you are willing to do most of the work yourself, the cost to have the head shaved might be worth it.
6. If you have an automatic, you can switch to a manual.
7. If you have a manual, switch to a 6 speed manual. There are companies that specialize in matching nearly any transmission to any car.
8. Install underdrive pulleys. These cause other systems that run off the engine (altenator, a/c, water pump, etc.)to run at their minimum acceptable levels, thus decreasing the losses.
9. Remove unnecessary systems. Power steering can be eliminated. Do you have a power antenna? Nav system? Power adjustable seats? Maybe you don't listen to the radio. It could go. Do you live in a cool climate? Remove the A/C. It's all a matter of personal preference of course.
10. Improve your aerodynamic efficiency. This is hard, but perhaps you have an unnecessary wing on the trunk lid. You can also add a front chin spoiler. Apparently the reduced drag from eliminating air under the car overcomes the increased frontal area (Not sure I believe this one, so maybe an aeronautical engineer in the forum can shed some light here).
11. Reclaim some energy. There is no reason that the principle of regenerative brakes on a hybrid vehicle cannot be applied to a normal car. Although I guess developing something like this would fall under the "radical" category. Before you flame me on this one, let it be known that BMW is going to do just this in next years car (I think it was the 3 series).
12. If you do live in a warm climate, tint your windows. The less the a/c works, the less your engine has to work.
13. Go solar! There are a few systems on a car that can be powered or partially powered by the sun.
14. Cover your car or park in a garage. Same principle as the window tint, but for your whole car.
15. Turn off the engine if you are going to sit longer than about 2 minutes. Shorter and you will consume more fuel upon starting.
16. Consider an "on-demand" power adder like nitrous oxide that you only use when you need that performance.
17. Swap engines. Toyota has a 1.3 liter turbocharged engine that was used in the Paseo overseas that gets excellent gas milage due to its small size, but still puts out 135 HP. Perhaps your car has such a Japanese equivalent. Radcal? Maybe.
18. Wash your car. Yup, wash your car. UPS washes its trucks every time they pull into the hub at the end of the day. The primary reason is for image, but they also know that a clean truck reduces maintenance costs. Don't know if or how much this improves performance, but I doubt it will hurt performance and it's not expensive.
Again, there are associated costs with all of these and I'm sure that an engineer such as yourself can figure out what they are, but there is a lot you can do. You just have to decide how much money, time and inconvenience you can tolerate. And anyone who has tried to reduce the weight of a car can tell you that you are not likely to lose it all in one chunk. You have to shave it off in lots of places and I think that the same can be said for your economy issue. But I wouldn't expect too much. Peformance and economy are definitely at odds with one another.
So now that I've said that, I still don't know. Keeping heat in the exhaust: good or bad?