Might mention the possibility of a fuel leak and all vacuum hoses and gaskets.
I have fresh rebuilt 454 SM465 with 3.21 rear end & 66mph@2250, getting 12.21mpg.
The rebuild included increased compression to 9-1 with new pistons, changed from peanut port to oval port heads, Isky 112LSA 208/218 cam/dual plane edelbrock intake, new HEI distributor. Built for torque, using Thorley Tri-y 303cy headers. Very nice combo making ~325hp/450 torque@flywheel (chassis dyno showed 260/385 2200-peak power @2900rpms. Very happy for a modest torque build and driving easy & using the power down low, staying out of the secondaries.
Next step in the plan for me would be an Edelbrock Pro-Flo 4 MPI fuel injection sytem, and my dream of a adding a Ranger Torque splitter auxilliary gearbox for 30% overdrive, and changing the rear end to say a positrac 3.73. Lower gears for towing, more gears to choose from, and at highway speeds of 75mph could keep the engine about 2200rpm at the bottom of the torque peak for efficiency. The way its geared now it is already there, so hard to really justify the expense of 2nd gear box as I have nothing to tow... yet.
I think as budget permits ($2K) the fuel injection is a good idea and the hope would be to make it easier to cold start, more drivable, always in tune with elevation changes. My hope would be the mileage could be taken closer to 15mpg if not towing, half that depending on load.