Ironic, I bought my 77 Pig from someone in South Carolina and shipped it to CA. It originated in Tuscon hence micro amounts of rust. Lucky for me all smog components required by a Californicating pig were original to the the car and fully functional.
I have had either FJ55's or FJ40's for going on 45 years. My 72 55 and my 69 40 were labeled F155 engines and had zero smog stuff. Don't know what 6cylinder my 73 40 had, but it definately had smog parts on it.
In my early years I tried to do THINGS to the engine, Rochester 2 barrel, headers, electronic ignition, all with no noticeable change. Since I have never drag raced an "F" against a"2F" engine I have know idea who won.
I recently drove my 77 to the Iron Pig Fest (Pig Party 17) and blew the head gasket part way there. It still pulled my fully loaded swine up a major grade in 110 degree heat on 4 cylinders and got 12 miles to the gallon. On the way back ( after the gasket repair) coming into the Needles area it was 125 degrees and pulled me up the 3 grades over a 3 hour period and got 12 miles to the gallon.
My comment on gas milage has always been "going up a hill pulling a train full of elephants I get 10 miles to the gallon, going down hill being pushed by a train full of elephants I get 10 miles to the gallon.
As many above have mentioned, If you remove the smog system from the pig the amount of improvement of any sort will be neglegable at best. If you were to resell no one in California will be able to by it.
If you want to go faster get something with a Hemi and a Blower, wear horned rim glasses, a button up shirt with a plastic pencil protector in the pocket and chew gum.
Or you can sit back, relax, enjoy the senery in one of the most comfortable seats Toyota ever built and get there no matter what the conditions are inside or out.
Keep it simple, just go land cruising.