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For those that are interested in this subject, you might want to read "Performance with economy" by David Vizard. This was written in 81 but most of the princapals are the same. Overgearing is not the answer, an engine has a sweet spot. When this is combined w/gears, good mpg/performance is possible. Have you noticed that the 3:08 cars are still getting about 15-18 mpg! Check the archives for cars w/3:55 that are getting the same or better. Lugging an engine might save wear by lowering rpms, but the carb will be open extra. I have heard that many w/6sp never use 6th gear. Their motor won't pull it except downhill w/tailwind!
I have never really calculated it (mind is elsewhere when driving), but would estimate 11/14 for city/highway. It's actually good considering the card, tranny, and gear set up.
Good God - I may have the record mileage here so far! My intentional best mileage is 25.19-mpg... that trip was over 200 miles on the Cali coast between LA and Santa Barbara holding the speed at 70-mph. On a recent trip to Bakersfield which is over the local mountains (4000') I held the throttle open and cruised 80 + with a few sustained runs at 90 and crested 100 while passing... mileage still held pretty good at 19-mpg. I really love the C3 with a few mods that make it much more driveable. Dyno day is coming this month to see if I have any power with all that efficiency.