i've got a similar setup, the only thing different is i've got the crate 350 and dual exhaust. But everything else is the same---2.56 rear and also if you've got a th350, it's a lockup version.
The other thing is, if you remember, EPA estimates before 1985 were kind of "jacked up." The estimates 85 and on had to reflect "real-world" conditions. Or something like that.
i remember going into a showroom pre-85 and seeing corvettes rated at getting 34 mpg.
18 is not a disaster, but it does concern me a little.
i will hopefully be able to report, accurately, what exact MPG i'm getting as soon as i install my digital speedo. i went with a digital speedo because i need to know precisely how many miles travelled per tankfull.