Forget the conversion...It'll cost more than the truck is worth. You have a decent truck , you just need to adjust a few things. Air the tires at maximum pressure, you can find this on the side of the tire. Don't go by what is written on the inside of your door. This only pertained to the factory tires which have obviously been replaced already. Get a tune up with some plugs, filters, wires, etc. The last thing is to get the carb running as lean as it will run. I had an old 78 f150 with a 351m that went from 10mpg to 15 with just a carb tuning. It was so lean, it whistled all the time but it got much better mileage. It looks like you already have headers so the exhaust is fine. If you haven't already, lose the cat or gut it. That is about all you can do.
If you try converting it you would have more than $2000 bucks in parts. With that amount, you could buy a small 4 banger that is well used.
If that doesn't work.....................
The best thing you can do is stay home more. I wish more people would do this so we all could get a break with these crazy fuel prices.