Too much or too little timing will reduce mileage since the engine will not be performing optimally.
Everything else equal, another carb generally will not increase or decrease mileage. The reason being that the engine needs a certain a/f ratio for best performance or economy. If the engine gets that ratio, then there will be no difference, regardless of the carb because it's getting the exact same amount of fuel and air.
There is a range that is generally acceptable for the a/f ratio of any engine. If one carb is tuned closer to the performance ratio and the other is tuned closer to the economy ratio, then you will see a difference, but that is the tune, not the carb.
Long story short, you need to tune. There is no such thing as bolt on and go if it is maximum performance or economy that you are after. The best way to tune a carb is to use an oxygen sensor. It saves loads of time vs plug reading and allows you to see exactly what is happening in real time under various conditions, making it real easy to determine what needs to be done. Get the book "How to Super Tune Holley Carburetors." Obviously tuning will be modern Holley specific, but the theory applies to any carb.
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