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Wow, am I late to this post!
The reason you're seeing an accuracy discrepancy is that Torque Pro's default way of calculating fuel economy assumes the engine is always running 14.7:1 AFR. Its calculation is based on, essentially, RPM x load x displacement, with an adjustable offset to account for different volumetric efficiencies.
Why this doesn't work, is that most engines vary their AFR with temperature, when at high load, and even when operating under cruising conditions - they swing back and forth between slightly rich and slightly lean because the catalyst works better this way.
There is a way to create a custom PID in Torque Pro that can calculate fuel economy via either injector pulse time, like an Mpguino does, or by adding an AFR reading from a wideband O2 sensor as part of the calculation. I recall finding this on Insight Central some years back but didn't bookmark it. I'll take a look later today to see if I can find it, and post it here.
In the mean time you can probably correct it to "close enough" by adjusting the offset value, hidden in the Torque settings menu.
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