VED is £20/month, insurance is an odd one, I pay ~£400/year with Admiral but every other insurance company want £2,300/year.
I put my mother, my father, then my girlfriends mother and father on the insurance (kept adding until the premium stopped falling) and cut ~£1,000 off the initial Admiral price. I'd advise trying the same procedure.
MPG wise, it's a horror story around town - probably 14 on a good day?
On the motorway it'll happily average 34mph though. It'll run on standard unleaded but you'll lose a load of power as it pulls timing - I've only ever used high octane fuel, V-Power for preference.
In Germany we found 100 octane fuel so used that, clocked 146mph on the old engine.