Flathead Fords/Mercurys have never been know to get higher than usual gas milage. If the dwell, timing, and vacuum brake are adjusted well & the carb is clean & functional they should do OK on the highway maybe 16 to 18 MPG. Overdrive helps a bunch. For a 47 the Columbia rear axle would be the hot ticket to get the engine rpm down a little more. If it has a 4.11:1 rear axle or "mountain axle" then the milage will be worse due to the higher engine rpm at the same road speed. 3.78:1 is better but the Mercury may be a little heavy for a 3.54:1 rear axle ratio. Thats where the overdrive comes in. Best I ever got in my old 51 Mercury with overdrive is about 21 MPG but the average is around 19 on the highway. Not so good in town.
Kerby