Welcome to the forums dfunk.
While I am not going to say it is impossible the fuel economy goal for the truck is not realistic. Nothing is impossible if you have enough time, money and patience.

First up some links from the EPA fuel economy guide:
This most likely is similar to your vehicle.
http://www.fueleconomy.gov/feg/findacar.htmHere is link of a 2010 GMC it is not an apple to apple comparison. However, it gives an idea of the amount of the increase in fuel economy in trucks over the years.
http://www.fueleconomy.gov/feg/findacar.htmI am no engineer by any means so that is my disclaimer

. There are several concerns to contend with.
First what is the primary purpose of the vehicle? Is it a truck used for hauling? If so that my be very problematic to increasing fuel economy.
Rolling resistance is something that will need to be optimized. If the truck is a traditional 4X4 it take substantial amount of power to turn the gear train. Almost always a 2wd will have better MPG than a 4wd.
Weight is another concern. Trucks are built sturdy (most of em) and there fore weigh considerably more than traditional cares.
Aerodynamics are another concern. If I recall correctly the 87 GMC is very boxy. The harder it is to push it through the air the more fuel is consumed.
Fuel distribution and control could be a good place to start. Many of the improvements in modern vehicles are derived from this. If your truck is a TBI upgrading to a multiple port injection would be a good start. Edelbrock use to have a TBI ot MPI conversion. I do not know if they still do. Peruse through this link for what is current.
http://www.edelbrock.com/automotive_new/mc/efi/pf_intro.shtmlThere is also a huge offering of stuff directly from GM:
http://www.gmperformanceparts.com/Parts/showcase.jspThis would just be a start. I would ask you the same question I often ask customers wanting to fix noise and other unusual things.
What is the dollar to aggravation ratio? In you case what is the MPG improvement to dollar ratio?

Good luck with it what ever course you decide to pursue we might be able to help out some.
Sam