No, the gauge will show what you expect it would: very high fuel consumption when accelerating at high load.
The difference is: the engine is producing the most power per unit of fuel burned when you're in the BSFC sweet spot. In other words: the engine is working at its most efficient. So if you need power, you sometimes aim for that spot (depending on what comes next - see my previous post).
Of course the technique doesn't work as well with a conventional automatic transmission because you have torque converter losses, and you can't control RPM (and therefore load) as well as you can with a manual.
Low RPM/high load acceleration is half the reason why the "Pulse and Glide" technique returns astronomical fuel economy numbers with a manual transmission, when done right. Look that one up too.
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