With the gas we have today your lucky to get much over 12 mpg with any older V8 in a heavy full sized vehicle..
Back in the mid 80's I used my 72 K5 to commute to work 65 miles each way,and I could usually get 15 mpg with it..350 engine,3:08 gears,and it got the same mileage when it had a TH350,and after I converted it to a SM465..maybe slightly better with the automatic,as it would lug pretty badly around town,it was hilly where I worked..
I had a '74 C-10 with a 454/TH400 and 3:08's that got the same mileage with the stock Q-jet--I put a Holley 450 CFM Economaster carb on it and it went up to 17 mpg on highway trips,about 12 around town..
My '81 G-10 van had a 250 six in it with 3:08's and a TH350 lockup converter,that thing got about the same,16 mpg,though when I took it to Nashville in 1992 for some reason it got closer to 20,even going thru PA in the Poconos where it struggled to maintain 50 mph in second gear up the mountains..
I guess coasting down the other side made up for it..also this was before they "oxogenated" the fuel and added ethanol..
After I put a 307 V8 in the van,the MPG dropped to about 15 mpg ,I also put a 2:73 rear end in it after the 3:08 developed a hogged out diff case where the side gear rides..I think that smothered the 307,it's best power/torque band is higher in the rpm range..
I had a '67 Impala with a 283 and a Powerglide ,3:08's ,that got 18+ mpg consistently,even though it was tired and smoked some..
I had an '80 El-Camino with a 267 V8 and a TH350,with 2:56 posi in it--that thing cruised at 80 silently like it had an electric motor,and got over 20 mpg often..a '82 GMC Cabbalero I had with a 229 V-6 didn't even do as well..
My 6.2 in my '82 K2500 never got much more than 16 mpg either,no matter what I do with it..
The "worst" vehicle I had for fuel consumption was the '69 GTO,it only got 12 mpg regardless of city or highway,but I drove it like I stole it most of the time too..the 400 engine & TH400 were thirsty,it also had 4:10 gears..I still used it to commute to work as lot though,it was more fun and more comfortable to use on longer trips..