496", 590hp, runs a Holley 950HP, 727, 2500 stall, 3.23s, in an E body gets 15mpg mixed (mostly highway on that - driving to and from the track.
422" small block, apprx 450hp, runs an 870 Avenger Holley, 727, 2200rpm stall, 3.23s in an E body gets 17.5mpg mixed driving.
I feel you should be at 20, possibly more if you can drive it economically. Check your tire pressures and alignment too. But my impression is your ignition advances are not optimized. I don't know enough about your EFI, but check the total timing at light throttle cruise. Both of those cars I mention run a functional vacuum advance and optimized curves in their distributors. The right amounts of advance are your friend - not a hinderance to performance like many think.