Just for comparison, I did a road trip in my '51 Ford a couple of years ago. It was about 160 miles round trip, with almost all of it freeway. Since this seemed a good time to check the mileage on my new engine, I filled up when I left and when I got back. Using the odometer reading and the gallonage from the last fillup. I came up with a figure of 19 mpg.
THis car has an otherwise stock 255 Merc with modified (optimized qurench) Edmunds heads, a Mallory dual point, and a 2G carb on an optimized Merc manifold. The car also has 3.55 rear gears, 2.25R15 rear tires, and no overdrive.
I believe the odometer in the car may be a little optimistic given the size of the rear tires and original speedometer gear, but it's probably pretty close.