Great combo and lot of power but your mpg's on a good day would be roughly 4/5
I don't see how. I had an 89 Suburban with a carbed 454, turbo 400, and 3/4 ton running gear that got 8 combined, 10 on the highway. A mildly cammed and efficiently tuned EFI 383 should have no problems getting at least 12 to 14 highway, assuming no huge tires and low gears.