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Much worse in everyway, totally the wrong way to go when re gearing.
TO low of HWY cruise rpm and you will eat through the gas. 3.73's is great for stock size tires.
i agree, it would help if he had the right tire size to begin with, a z71 with 3:73 has the tow package and should have 265/75/16 not the 235/85/16 in his sig.
i would suspect his mileage is a little off now beacause chances are the drac was not modded for the tire change
lowering the gears to 3:08 will cause more resistance and will make it jump in and out of o.d. constantly which will make the mileage worse, you can do little stuff like change to synthetic lubes in the motor,trans and axles and gain a little mileage, other than that theres not much you can do except make sure no brakes are hanging up and alignment is good, if the motor is high mileage then that can cause it to be eating some fuel too.
what kind of mileage are you getting?