Hi Bob, "Lean burn" would be up around 14 to 15:1 and less than ideal for making power. 12:1 is closer to the stoichiometric and is where most cars (with carburetors) make their best power.
With the "EPA" jets in my carb on the FFR Cobra I can get better than 20MPG even with the 3.55:1 gears. However, with the richer jets I can run it with more timing advance, make more power and torque. I run mine now between around 11.5 and 12.5:1 A/F ratio. Plugs are a "mild summer tan."
Is there a boost gauge on the intake? Can you get a reading on yours vs Gary's? The A/F looks dead-on for a blown engine, but you'd be missing torque if the blower's not putting out properly.
Hope this helps,
TV