losing cubic inches and horsepower wont necessarily get you increased mpg. Some 454's get better mpg than my 350's.
My 91 2500 suburban 5.7 4x4 with tire size 33 gets around 17mpg on the interstate and 12-15 in city. It is TBI. I think that is very reasonable for a sub.
Vile said something very important though, get rid of the carb and convert to fuel injection. A bit of a chore with new tank, lines, pump, etc..depends on how bad you want to increase mpg.
If you do a lot of highway driving, you may want at least a 3.50 diff. ratio. You didnt mention what your gears are. If you do a lot of city driving, I'd have probably 4.11's on it with 32 inch tires.
Remember, if it is underpowered, you can use more gas by keeping the accelerator down all the time to go anywhere.