So much awesomeness in this thread. I've got a similar project going, but haven't really documented or started a build thread.
I have a 95 trans am with the same LT1 engine in it that I use to commute almost 300 miles daily. I've done some very minor aero stuff, weight reduction, engine mods, and a trans swap from 4l60e to T56, so I've got a 0.5 6th gear in the trans and the 2.73 rear left over from the auto trans. I'm averaging around 35 mpg over the course of the whole commute with a high of 36.5 mpg, and I don't do any P&G, and I only EOC while going down big hills, trying to keep average speed around 75-80mph. So I think your estimates are spot on for what you'd get with more traditional driving style. One of my biggest wins has been running a laptop with the tuning software $EEHack, I can make fueling changes in real time and approximate a lean cruise which the stock LT1 pcm can't do. You may want to look into this if you haven't already.
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