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Steel7 you have to remember one thing also...your car probably weighs over 3500 lbs (might even be closer to 4000 lbs) yet you have a 148 hp slug engine for a power plant. That 148 hp slug engine is being taxed to push that car and therefore will consume more fuel in doing so. I do not know off the top of my head what the 307 Olds V8 in a Delta 88 was rated at back in 1985, but I would think for highway driving, you *should* be seeing better than 15 mpg.
You stated you have a working overdrive transmission. Does the lock up torque converter also work? That will help your fuel economy.
How about your front end alignment? If it's not on par that will cause fuel consumption as the tires will be "dragging" instead of rolling straight.
Speaking of dragging, have you checked to ensure your e-brake isn't slightly engaged?
How much weight do you carry around in the car? That's another issue. If you happen to be a 300 lb person or carry around a lot of people and you also have another 100 lbs of car stereo speakers/amps or what ever else you can think of, that will cause a decrease in mpg.
Driving habits also come into play. If you are flooring the pedal often to get that beast up and going, that will consume fuel. And for highway driving, if you're only driving a mile between exits....well...
The tune is just as important. Your car came factory with an electronic quadrajet carburetor, which might be a little more fuel efficient than a non electronic carburetor, but is not as fuel efficient as fuel injection which is probably what your Thunderbird had.
I'm sure you know all this, I just wanted to point them out.