I have wondered the same thing about economy and power. My truck with a cheap rebuilt 350 and stock parts, 5200 lbs and only a th400 at the time, got 7-8 mpg. With my 383 (edelbrock heads, cam and intake, good headers, and a Gearvendors overdrive) I got 8-10 mpg and the truck weighed 6500lbs with tool boxes and a ladder rack added to it.
My new engine is a 406sbc with a comp cams 270 magnum cam that is installed 4 degrees advanced. The edelbrock heads and intake have had a ton of work done to them including anti-reversion work done to the intake valves to make the cam sound a bit smaller and to keep it burning cleanly for smog, valves and intake manifold have been thermal barrier coated. CR is 10:1 and the squish quench is about 30-35 thousandths. The flat top pistons stick out of the hole about 5 thousandths. The cylinder pressure should be in the low 200's. And the VE could be at 100% or more, based on similar engines from the same head porter. I am running a 600 cfm edelbrock 1400 carb and get 10mpg, and I don't drive it nicely. This engine is a night and day difference to my 383 as far as torque goes. I think the high torque/lower hp numbers help with fuel efficiency.
My manifold vacuum doesn't drop below 5 inches at 5500 rpm. This shows that I need a bigger carb. I am going to try a holley 750 vac secondaries. I may gain the bit of power that is lacking due to the small carb, but I wouldn't be surprised to see my fuel mileage drop.
This engine hasn't been on a dyno. Very similar engines (impersonator 406 I and II) made 525 ft. pounds of torque at 3500 rpm and 420-498 hp at 5000+ rpm. torque at 2500 rpm was 477 on the first one.