I agree that something is off here and am curious to find out what the actual culprit is. The only thing I can offer/share is that my Cobra II is a very similar setup. The one and only time I recorded fuel mileage with it was when I road tripped it from Atlanta to Mustang Week in Myrtle Beach. It got roughly 19-21 mpg cruising at around 70 mph. And it ran pig rich. Here's a dyno video of it a couple years later to illustrate how rich it was running - I believe most here have seen it....
View: https://youtu.be/ehtnhnB9sEM
I'd suspect that if you're burning as much fuel as your calculations are giving, you'd definitely notice some sort of evidence. A dust trail like my car gave, some sort of residue or something in the tail pipes, fuel smell in the oil (as I did....), etc.
Here's my setup for comparison:
.030 over hypereutectic flat tops with valve reliefs
Twisted Wedge 170s
1.7 roller rockers
Melling 24203 cam
long tubes
2-1/2 dual exhaust with H pipe
I've ran with both an Offenhauser 360 intake and a ProComp knock off air gap dual plane intake
at that time, I ran a Holley 650 double pump that was obviously not set up right. (It now has a throttle body injection setup that I've not driven enough to give any mileage info, but I'd suspect that it's better than before.)
1995 Mustang GT T5,
3.55 gears
265/50-15 rear tires
Speedometer gears were installed to correct the readings given all of the changes to the drivetrain.
I guess a question that hasn't been asked - have you been under the car to inspect for any signs of leakage while on the road - like cleaned sections of the floor pans from a fuel spray? I mean I understand your concern, but it doesn't sound like the engine or drivetrain are the main culprits to me.