Well, what MPG you should get with it would depend on which package it was.
The Mustang II MPG was rated at 29mpg highway (2.79:1 gears, radial tires, no A/C, 2.3L engine, 4spd manual
tranny, manual steering), the regular Mustang II coupes and hatches would've been rated lower.
The factory EPA fuel economy ratings from 1975 don't really mean much now. They were rated on a completely different system from todays cars, using a different quality of gasoline, different oils and fluids, different kinds of tires, etc.
Not only that, but a '75 Mustang that hasn't had a full rotissere restoration has a lot of wear and tear on every part in the car, and wear and tear has a negative effect on fuel economy.
If your car is getting better than 20mpg highway, it's probably pretty close to where it should be considering age and all the other factors mentioned.
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1976 Ford Mustang II Ghia: 302 with a 600cfm Edelbrock carb, Edelbrock Performer 289 intake, Dynomax Blackjack headers, 2.5" exhaust with Flowmaster Super 44s. RJS 11-gallon fuel cell, C4
tranny, chrome 16" pony wheels, fuzzy dice, brown vinyl half-top, and painted in the tackiest color ever (harvest gold, that's why I call it "The Goldenrod").
Also have a 2003 Dodge Ram (lightly modded daily driver/tow rig/office/dining room/home away from home/workshop... I call it "The Big Blue Dawg".)