Wow, this is going to be an expensive vehicle to drive no matter what you do. 12 mpg is doing well IMHO. I used to get 13.3 in my '72 Camaro.
Mike, do you get pinging when lugging it? 7.9 CR is that low for reasons of luggability, like rpms in the 1,500 range under load. If you get pinging, a simple, plain-water injection system will stop that. It will also clean the carbon out and that might help your mileage just a tad. But, normally water injection is not known to increase fuel mileage no matter what the claims of people selling systems. Also, substituting alcohol should reduce your mileage. In fact, 92 octane should reduce your mileage just a couple of percent compared to 87. If you are using 92 to avoid pinging on 87 then a little bit of water injection, just enough to stop pinging on 87, would probably be the best bet. Save you some money.