Low hanging fruit would be:
1 - Make sure A/C compressor isn't running (it will run all the time in all vent modes, except VENT and FLOOR only)
2 - Keep your tires aired up to at least 35 psi
3 - Lower the front an inch or two using the torsion bar adjustment. Note you will need an alignment if you do this. You will also want to trim your bumpstops to allow a bit more travel
4 - Synthetic motor oil, power steering fluid, transmission fluid, transfer case fluid, and front/rear differential oil. Each gives 1-2% improvement in fuel economy - it adds up
5 - Tune up, of course
What kind of fuel economy are you getting?
For reference, my 98 XLT 4.0 OHV/5-speed 4x4 has averaged about 18 mpg since purchase. My 2000 Sport 4.0 OHV/5-speed 2wd has averaged 20.62 mpg over its lifetime (tracked for 60,000 miles).
A lot of folks insist the SOHC is a more fuel efficient motor than the OHV although I personally believe otherwise.