I'm not eloquent or knowledgeable enough to explain it either, but I know for a fact that my GT got less MPG than my GTP. Like T-bat said, it's probably a combination of gearing and such, cause the whole reason we have the crappy gearing is for better economy. So of course you guys with top swaps aren't going to see the same MPG we do because of the remaining GT parts in your cars.
I never calculated the MPG in my GT, but the best I could ever get out of the '97's 18 gallon tank was a little over 300 miles. And that had to be almost all highway driving. I get well over that in my GTP with a little more city than highway, on a smaller gas tank. I think fuel octane has a little to do with it too.
Plus, like I said, older cars will get a tad less MPG because of wear and tear.
But anyway, think about it: we've got quick, high moddable cars that still get 2x MPG.
.. For now.