4 MPG seems huge to me too!
Ford had mileage standards in the performance testing section of the Service Bulletins, I believe, and used the old Zenith mileage tester to give the dealers a repeatable benchmark when dealing with customers. It was used to run the car through a carefully measured 1/10 of a gallon on a level road...if mileage was bad there, the car had a problem. If it was good, the customer got a lecture on driving habits...
I have here the Performance Services" bulletin from 1938, with charts for acceptable mileage, accel, and top speed fro various models.
Figures are never quite directly comparable, because of the change from 4.11 to 3.78 as the common gear at the same time...but as example:
1935-6 85's, 97's and 48's with 4.11, 22.6 mpg at 20, 15.6 at 60.
1937 85, 3.78's, 26.4 and 17.4...most 37's were 97, only a handful got CG...so this is 97 with higher gears
then on to 1940 same bulletin ...25.5 and 17.4 for 85's with Ford carb and 3.78
Interestingly, the Merc 95 hp equaled Ford at low speed, bettered it at 60! Heavier, bigger engine, but obviously the 3.54 gears worked well.
Lots more interesting numbers in these Performance bulletins.
These numbers were to give the dealer a testable bottom line on economy, speed, and acceleration; if a car could at least match the measured standards it was OK< if not off to the tuneup section.