Mike is right. you should be able to get 14 in town and 16 on the hiway. Follow his advice and check everything before you spend money, but I'd be prepared to by a new carb. The HW 5200 from Langdon's is a good way to go, but you can get a rebuilt monojet from JC Whitney CHEAP CHEAP CHEAP. If you go that route be sure and order one for a 292. It has a bigger ventura and throttle opening. On my truck I got BETTER mpg with it.
Boo