There are two different versions of lower power that are being discussed here which have very different meanings in terms of fuel economy.
For those of you seeing much greater mileage with your mods, there are a few reasons. Dodge and cummins manufacture a drivetrain that meets emissions requirements and gets reasonable fuel economy considering what it is. Most of the programmers, even on the economy settings change the injection events so that they are timed earlier and often eliminate certain events(3rd gens), that are there for emissions purposes. Once you mod your truck, you get better mileage but increase your NOx and other emissions(some emissions like CO2 go down). There are also other things like injectors which can be made better than factory through different processees so that your truck gets better mileage.
What Skydiver and others are suggesting is a smaller displacement engine, not a detuned large displacement engine. There is an optimum power/displacement ratio that is relatively constant for a given type of engine design. For maximum efficiency, you want the engine to operate near this point the maximum amount of time possible. To take a few extremes, I don't think that anyone would argue that a 3/4 ton truck with a C15 would get better mileage than the same truck with a cummins 4bt. This is an extreme example but it shows that you need to properly size the engine. In marine diesels, you try to size the engine such that it will be operating at 70% throttle all of the time. In vehicles, it is more complicated because cruising doesn't take much power but acceleration and hills do. When they say lower power, they mean a similar power/displacement so they also mean lower displacement.
For most people who aren't towing, a 4bt rated at 150hp would be fine in our trucks and you would get better mileage. The displacement issue is not as extreme for a diesel as it is for a gas but it is important.