Regarding your fuel economy, what are your motor specs - compression, cam specs, current fuel system, ignition, and exhaust. An EFI system utilizing an O2 sensor for fuel feedback should help your economy. If your cruise tune is not too close, then you might find a good increase due to the conversion alone. 11-12 mpg is poor if your 454 is in the 450hp range unless it's built with no concern for fuel economy.
Getting the tire size and gearing to run at a speed that keeps your motor in it's happy place has to be addressed as well.
Since you asked:
454 +.030" with 9.2:1 compression ratio
stock iron Vortec 454 heads
Chevrolet ZZ502 roller camshaft (224/234 @ .050, .527/.544 lift, 110^ lobe separation)
Edelbrock Performer RPM AirGap intake
Edelbrock 750 cfm carb (either 1407 or 1410 model)
electric "clicker" inline fuel pump mounted next to tank (since my block has no provision for a mechanical pump)
Summit brand HEI distributor, vacuum advance (which will *not* be controlled by the FiTech once it gets installed)
full-length headers (1 7/8" primaries, 3" collectors) bolted to a complete Pypes 3" system with x-pipe and RacePro mufflers
stock 4L80E transmission
tires are 26.1" tall (235/60-15)
3.08 rear axle ratio
Right off the bat, I'll admit this engine spins at lower RPM while crusing than I anticipated. For example, 70 MPH is only 2050 RPM with the converter locked. Even around town, my 50 MPH commute to work is only 1500 RPM. I'm thinking this cam wants a little more RPM for its desired sweet spot. This realization, combined with the fact that my slight rake apparently gives me room to eventually upgrade to a taller tire, is why I am planning to upgrade to 3.73 gears later this summer. Having said that, I will very likely install the EFI before I re-gear.
What are your thoughts?