Compared to a well-tuned carb, no "bolt on" (TBI, TPI, aftermarket EFI) is going to raise your MPG greatly. Maybe 1-2MPG, but if you are concerned with cost, you need to estimate the overall cost of the swap, probably add at least 25% to that figure for incidentals, then figure out how long with +1-2MPG it will take you to break even.
The benefit of EFI is really in driveability. With the proper carb I don't feel that responsiveness is that much different, but cold starting and idle certainly are, and power overall feels MUCH stronger.
Of course, for the hardcore people, EFI doesn't spit and sputter on hills as long as there is enough fuel in the tank.
The ticket is really going to the LS series of motors. Yes, expensive comparatively, but the power and mileage potential/actual is light years ahead of the older EFI/gen 1 SBC stuff.