To be honest, I bought my 76 Blazer with the combo, but only drove it around town once or twice. So, no clue on gas mileage. I would venture a guess that it would be about the same as running a 700r4 since the OD is about the same. Here are the issues I ran into when I started looking at swapping in a 700r4 instead of keeping the TH350/NP205/GV unit:
1. The GV unit requires a couple of pieces to be swapped out off the NP205. I have them in a box but I'm sure I would've had to maybe redo some seals and put back on those parts. Not a biggie, just more work.
2. The GV unit didn't change the location of the NP205 lever. Swapping in a 700r4 would necessitate cutting a new hole in the body, or modding a lever to account for the length of the 700r4 vs. the TH350.
3. The 700r4 is more complicated when it comes to the TV cable. I was inclined to buy a Bowtie Overdrive unit. Unless you have it professionally installed, or you are a decent wrench, setting up the TV cable is a chore. Leaving my current setup in meant not messing with the carb, which is an Edelbrock Q-jet.
4. The 700r4 is a bit longer which means you have to move the crossmember back a bit and drill new holes. Again, not a major project in and of itself, just another step.
5. Cost. The Stage 3 BO unit was about $1200 plus lots of little cost items. If I installed it myself, cheaper. If I had a shop do it, add another $500 or more on.
6. Daily cost will likely be the same between the GV unit and 700r4. The only advantage I saw to the 700r4 was an overall reduction in length, which equates to a longer driveshaft and reduced angle. However, as someone here pointed out, putting a doubler kit on is essentially the same as my GV unit. I will be doing a High Angle driveline, or locally with the same double cardan design. I've decided to run the GV unit for now and see how it does. I will report back sometime in the future on how it does and if a swap would be preferable.