Well, I see I am not the only person with this confusion.
I have a '74 with a .030 over 350 high nickel content block, full rebuild, HEI, long tube headers, 650 Edlebrock on an Air Gap running 14°, 268H CAM, no AC, and a new 700r4 with corvette internals and no lock up. I cruise at 60/1800 rpm on 30" tires and a 3:73 gear set.
Before I started the build, I had a clapped out 350 and TH350. I got 12+ MPG. With the new setup, I was hoping for 14-15 and get between 8-10 on a good day. Confusion reigns.
I was told that the Air Gap cools the mixture for more HP at higher RPMs at the cost of lower mileage due to less atomization in the colder mixture. I am at a point where I am considering a F.I. conversion kit and replacing the Edlebrock 650/Air Gap combo. . .
My neighbor gets 24 MPG cruising with his 10 year old F350 4x4. . . now that's a pisser! I am not sure what part, or parts, of my combo are wrong, but 8-10 MPG wipes the smiles off my face every time I fill up and looking at it sitting in the driveway while I drive the '98 Silverado. . . well, that's just as bad.