Yeah, the mods should take care of most of your problem. However, you still need to re-think your approach. The most fuel efficient speed is NOT the slowest one, but rather the second slowest one on the telegraph. True, there are ways to micromanage it even better (the allways popular 9 knots setting) but ahead 1/3 is good enough.
I don't know why this topic keeps coming up... it's just like driving your car... nobody would ever think that the most fuel efficient setting for your car would be to travel at 1 mile per hour... sure, the fuel would last longer but you'd get nowhere.