A 470 carb seems small for the application. I just bought my Bronco, so I have been tinkering with the carb a lot lately. (PO admitted it was running rich and engine has dieseling problems at shut down as a result thanks to carbon buildup)
Carb tuning methodology is similar to EFI strategy. At light throttle, the air/fuel mix is fairly lean for economy, at mid throttle, you are near 14.7:1, and at heavy throttle you are running rich, but you are trying to make power. Being the 470 is a small carb, you are probably opening the secondaries on the highway and they are going to be jetted slightly richer for power and therefore waste more fuel.
I'm running a mildly built 351W with a Holley 650 Double Pumper with a truck avenger vent tube, doing 65 mph, I'm barely in the throttle, meaning I'm only using the primaries. (you can hear when the secondaries open up)
Holley jets their carbs from the factory for an average engine at sea level. Mine 650DP for example came stock with 67 primary and 73 secondary. I've re-jetted it to 64/70 for the Denver area. Holley recommends dropping one jet size for every 2000ft of elevation gain. Look at your carb # on the choke tower and visit this site:
http://www.allcarbs.com/tech.php?art=21That will tell you what your 470's stock jetting was, then you can check to see if it was rejetted for Colorado.
One other thing that probably doesn't apply to you, but when I got my truck, it has an aggressive cam grind and only make 9-10 inches of vacuum at idle, which meant the stock #65 power valve was dumping fuel in the engine at unnecessary times, therefore enriching the A/F ratio and wasting gas. I has since stepped down to a #45.
Cummins R2.8 diesel, ZF5, AtlasII, HP44/BB9, ARBs, coiled / linked suspension, 37" KO2s, full cage, bumpers, etc.
Build Thread:
http://www.coloradoclassicbroncos.com/viewtopic.php?f=3&t=5420Average 23.5 mpg, Best tank: 25.1 mpg