Heres the bottom line the present day 289 the 5.0 (302 fords can easily get 25 miles to the gallon. But milage is so inter-related with everything else, condition of engine,condition of engine components, weather, how one drives, even the fuel itself that to make blanket reccommondations is really a shoot in the dark.
My best recomendation is to get a vacuum gauge from JC whitney and install it and visually see where you are wasting gas, trust me anyone who has ever observed a vacuum gauge realizes how they can save fuel.
Otherwise make sure you carb is properly set to factory specs, ignition is top notch, tires set to specs (want a old time gas saver tip, overinflate your tires by 5 lbs, in the old days every service station that did tune-ups did this to all their tune-ups since 90% of people have at least one tire that is below proper inflation levels it looked like the tune up yielded instant results.) good adjusted belts and even proper operating thermostat can effect fuel milage.
carrying extra things in your car,maybe an emergency kit? or tire chains? 100 extra lbs will decrease milage.
I would think that 12 is on the LOW side for milage for a 289 2 barrel. I would think about 15-18 would be better and excellent milage for your mustang.
Good Luck,
Bill White
White Automotive
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HAVE A NICE DAY!!!!