Yes, but minor. Maybe 1/2 mpg.
I got my K10 up to a solid 10 mpg on very short trips (~5 miles each way) of city driving, the first 2 miles of which are usually with the NP203 in LOC to keep the rear main output shaft bearing reservoir filled. This drive also includes the 60' high, 13* hill on my driveway and the 120' high, 10* hill on the country lane getting out to the highway, followed by a traffic light every half mile or so. Worst case driving for mileage. Solid 10 mpg summer, 9 mpg winter when the choke is on for the first several minutes.
I don't flog it but I'm not a granny either.
That's with: 350/260 crate engine, CC 12-300-4 cam, Edelbrock 1406 carb on Edelbrock 2601 manifold, TH350, modded NP203, 3.73:1 gears, and BFG 31x10.5R15 tires, with the Edelbrock dialed in to the numbers on a wideband A/FR meter.