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On a 1966 Toronado in good condition, what is the gas mileage expected to be? What is normal, or what was normal for them new or in fully restored condition?

One could expect 14-18 city / highway give any number of factors, motor condition weather and driver technique. The 66-67 came with 3.21 gears considering its 4400 hundred pound weight and 425 cubic inch displacement, and 32 cent a gallon gasoline that was exceptionable.
IMHO Driver technique plays a bigger roll in fuel usage than some are willing to except. Case in point my wife gets 18+ around town with our 02 Caravan I get 20+

My gold '68 W-34 does 17 on the highway, that is 3.07 gears

Alright, if I'm only getting 7 mpg city (and I don't drive like a maniac, I have to obey base speed limit which is 30 mph most of the time), is this a sign of mechanical problems? Any likely problem areas to start looking in?

Check the intake manifold vacuum level at idle. Any vacuum leaks will kill gas mileage and drivability.

Dracofrost wrote:Alright, if I'm only getting 7 mpg city (and I don't drive like a maniac, I have to obey base speed limit which is 30 mph most of the time), is this a sign of mechanical problems? Any likely problem areas to start looking in?

We average 12-14 mpg on our '66, using premium gas and lead additive. Most of our driving is not city, but 40-50mph country highways. Still 7 mpg sounds low to me. Has your carb been tuned?

Not a bit. I only purchased the vehicle a couple months ago, prior to which it had been sitting in a garage for about 10 years. How do you check vacuum levels?

Get a vacuum gauge and connect it to the biggest connection you can that has manifold vacuum-the line that supplies the brake booster is a good one.

Dracofrost wrote:Not a bit. I only purchased the vehicle a couple months ago, prior to which it had been sitting in a garage for about 10 years. How do you check vacuum levels?

If the car has been sitting up for that long the Carb needs to be rebuilt probably a lot of sludge build up inside the carb. If you do not want the carb rebuilt another option is an Edelbrock 4 bbl carb it is a direct replacement for what you have. A complete tuneup including points and new plug wires will also help.

I typically get about 13 in my '66. The very best I ever got was 15MPG during a very slow drive through northern CT, MA and down the Taconic Pkwy into NYC.