It's a little hard to say. Yeah, the car would be sloooooow with that rear end. I am also skeptical that the gas mileage would improve much, either. The cars were optimized for maximum MPG in 5th gear at ~55mph. Given that we all go 65-70mph on the highway, it stands to reason that a 3.47:1 rear end would put the engine RPM in the intended sweet spot at those speeds. If you did 65mph in 4th gear, this 2.93 rear end would end up in the ballpark of where you would want to be in terms of RPM at 65-70mph.
Lower RPM doesn't mean better MPG in all cases. There is an optimal RPM range where internal friction and heat loss through cylinder walls is balanced. Any faster and internal friction eats more power. Any slower and the combustion cycle takes long enough to lose too much energy as heat through the cylinder walls. ~2600RPM seems to be that "sweet spot" on the M42 where MPG is best.
And of course, the aerodynamic losses, which become very significant above 65mph, will remain the same.
Personally, I would look for something between 3.5:1 and 3.9:1 if you want to boost MPG and not have the car be a total slug.