I'll assume your car has a 3-speed automatic, which would mean it has no overdrive gear in the transmission, so the engineers at AMC opted for high ratio axle gears to give the car a better highway-cruising engine speed at a
sacrifice of acceleration performance getting up to highway speed. If you seldom drive long distances at highway speeds, then this trade-off that the engineers made has a large negative impact on your fuel mileage and acceleration performance.
Check your axle gear ratio to see what it is(small tag on one of the differential cover bolts will have stamped numbers, one of them is a X.XX format, which is the axle ratio). AMC liked to put gears that are way too high into the axles to try to get better fuel economy at highway speeds, but this sacrifices city driving fuel economy, since it hurts acceleration performance. If your car has high axle gears(2.53 or 2.73 were common for automatic trans cars), but is rarely driven on the highway, and/or has larger tires than the stock size, then you will see
more improvement in fuel economy with a gear ratio change than you will from anything else. If you really want better fuel economy, you'll benefit much more by swapping in a 5-speed manual transmission with overdrive and lower ratio axle gears to improve acceleration. Really really really want economy? Wrong kind of car - buy an import econo-
-box or a bike.
Fuel injection should be swapped in to improve driveability/start-ability & to improve performance, not so much for fuel economy. If you go through the trouble of installing fuel injection without addressing the possibility of an overly high final drive ratio, you will not see any improvement in fuel economy. Tire size is a big part of final drive ratio, and oversize tires make for poor economy based on increased rolling resistance and weight, not just the increase in final drive ratio due to the increase in diameter. Want economy? Try smaller and lighter tire and wheel combos. Want to look cool with big tires? Forget about economy. You can get some of the economy lost on big tires back by swapping in lower axle gears, but this doesn't address the increased weight and rolling resistance, it only corrects the final drive ratio to put the engine back into its most efficient operating speed.
That said, fuel injection can be a huge improvement in driveability and performance-ability over a carbureted system. The 4.o HO head is a better flowing design, and, coupled with the 4.o's fuel-injection-designed cam, is the real driving force behind why the 4.o makes nearly a hundred more horses than the 4.2,
not just the fact that one has fuel injection and the other has a carb. Just swapping in fuel injection without swapping in the better head and camshaft will make only a small gain in performance over the MC2100 carb, which is a great carb, vastly superior to the factory Carter.
If you want to improve performance, I'd recommend swapping in a 4.o head, and a 4.o camshaft, if you're really ambitious, but its nearly impossible to swap in a camshaft with the engine in the car. Swap in fuel injection only if you aren't capable of learning the nuances of carburetor tuning(or don't care to bother with learning the lost art of tuning), and just want to be able to turn the key every day and have a computer do the tuning for you.
One last note - usually when you start making performance a priority, economy goes out the window. Dammn the MPG,
full speed ahead!