Strictly highway MPG:
31 - '11+ V6 Auto gets the best, 2 MPG beter than the manual
27 - '11+ V8
The '11+ V8's get great gas mileage for the amount of power they throw at the wheel. However, if MPG is going to be a big factor for you, get the V6. Your in town/combined driving is where the V6 shines - usually about 26 MPG.
Since the V6 costs about $6k less, the V6 is more of a modder's choice. The beautiful thing about mustangs are the OEM & aftermarket parts availability. If you wanted, you could slap on a supercharger to the V6 and be putting out more bwh, lighter car and better MPG than the V8.
The V6 Performance Package is definitely something to take a look at if you decide to go the V6 route. It literally transforms the car into a better handling car than any stock GT option. Ford also slaps on the most beautiful wheels they have ever made with that option. I get more compliments about my wheels than anything, lol.
Bottom line is money, without question, as stated earlier. What car fits your budget enough to live your life comfortably. Pick your car based on that.
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2012 Black 3.7L =Performance Package