Well, the carb is running a little rich, but I didn't think it would make MPG that bad. Gotta adjust it. My TH350 has what I think is a factory transmission cooler. I guess it came w/the tow package?
Separate cooler, or one built in the radiator?
I am not sure about the separate transmission cooler, but believe the factory towing package offered probably came with the factory engine oil cooler which has a separate heat exchanger.
If you know how to adjust the carb - I'll admit it, I don't- then that , plugs, cap, a rotor and maybe wires , and checking the timing would all be good 1st steps.
Or, just pull a few plugs and see how they look.
I would not expect you are gonna get 15 on the highway, but would think 12 is not out of sight.
( I say 15 cuz a buddy of mine could get that in his C10 , but he could hear the sweet spot on his engine and knew how to hit it on the highway. )
I also remember getting 9 - 10 highway in my full time 4wd rigs and when I bought a 79 Trans Am with the 403, auto, and 2.73 gears hitting 15mpg and thinking how bad ass the mileage was.
Different era for sure.