I am no expert, but here's a few things to think about...
Fuel economy is primarily a result of ONLY two things: how much fuel the engine has to burn, and how the power produced is tranlated into motion (basically, gearing and driveline efficiency). Everything else relates to one of these or the other: tire pressure, wind resistance, towing load, etc etc.
So FUEL FLOW is the best indicator of MPG. Unfortunately, you can't really measure how much fuel the engine is using from one rpm to another, because the bypass fuel increases with RPM as well. IOW, you will see low fuel pressure at high RPM even when the engine is burning almost NO FUEL.
Boost and EGT are NOT indicators of fuel efficiency! They simply tell you HOW the fuel was burned (under what conditions) NOT HOW MUCH fuel was burned.
The relationship of boost to EGT to what throws everything off, because it's a circular relationship. More EGT means more boost, more boost lowers EGT. It's like it's a self-correcting thing.
All EGT will tell you is the RATIO that the fuel is burning at. Generally, we think higher EGT means lower mpg. But if we increased the air volume MORE than we increased the fuel volume to the engine, we would see LOWER EGT, while also getting LOWER MPG-- this is the opposite of what seems to happen at first glance.
So MPG, BOOST, and EGT ONLY correlate for ONE truck, with a given fueling and turbo setup. Comparing one truck to another will not do you any good wen it comes to details, only trends are observable.
Rule of thumb: maximum fuel ecnonmy will come at the LOWEST rpm (within its operating range) the engine can operate at without lugging, given a certain condition of loading.
Want to see something interesting? Run a whole tank in OD at 1400-1500 rpm with no cruise control. Yep, your truck can get 25mpg easily. Because at these speeds (50mph or so) there is LITTLE load on the engine, and you are getting the most bang for the buck by running in OD.
Som the short answer is this: the only time you will get better MPG by downshifting is if the engine simply doesn't have enough power to pull OD w/out lugging. Ignore your boost and EGT gauges for MPG of one gear over another. Run in OD if at all possible.
BTW-- a bombed engine in OD will almost ALWAYS get better MPG than a stock engine in DIRECT, pulling the same load at 60-70 mph.
Justin