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It's about right. We had a '66 with almost identical specs that had similar mpg. There's another thread on here you should read -- subject line 11 mpg.
1972 F250 Custom Sport Camper Special 4x2 360 2v C6 3.73
Soon to have a 104" wheelbase as part of a Broncification project
My FTE Website -- http://www.clubfte.com/users/mlf72f250/index.html
My Galleries -- https://www.ford-trucks.com/user_gallery/displaygallery.php?userid=1108
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.