A few things to check
Your truck should be at 18-1900 rpm at 70mph IF the torque converter is locked up. If the converter is bad and your truck is running in fluid drive all the time, then it will be at around 21-2300 depending on load, up/down hill and winds.
When you are at 70 mph, in OD, rapidly push the OD lockout button twice, this momentarily will unlock the TC then relock it. You should see a ~200rpm jump up then down.
Another thing to check is your front tire wear, if they are badly cupping or feathering, you may have an alignment issue that is eating up HP.
Check tire pressure, for best mileage the higher the better, I runn 60 psi front 50 psi rear, unloaded.
What speeds are you driving?? anything above 65-70mph the mileage will drop rapidly. For best fuel economy 60-65 is best, if you can stand to drive that slow.
Check the air filter for dirt or obstructions [like a mouse nest]. Check to see if the radiator fan will freewheel, if it is stuck it will cost you ~1-2mpg.
Change the engine oil to full synthetic, and the front and rear differential to synthetic gear lube.
My '01 QC 4x4 Longbox with toneau gets 15-16 around town, and 17-18mpg on the highway. On the highway I'm rarely less than 75mph. With the truck and trans stock, the mileage was almost identical. If I'm stuck at 60-65mph, I will see ~20mpg.
You may want to try to find an edge EZ to borrow for a tank or two to see if some timing will help your truck.
I hope some of the above helps.
Greg L, The noise nazi