Less RPM doesn't always equal less gas - it depends on the load the engine is under and whether it can efficiently pull the gear ratio you're running at the speed you're trying to drive the car.
If you start lugging the engine where it doesn't have the torque and RPM to pull the gear, then mileage will tend to suffer.
Yes. I have changed from a 3.78 to a 3.54 a couple of times and now I'm getting ready to change from a 3.78 to a 3.25 in a '37 Ford. You'll need to run the 15/29 gears (15 tooth main drive and 29 tooth cluster) in the transmission to make that swap more drivable out of 1st gear.