I know that I don't know anything about cams and that kind of stuff, but what kind of MPG gains are you going for? The TBIs were just not known for being fuel efficient. Maybe the Vortecs were a bit better, but I don't think they were that much better, and improvements were probably from a combination of things I would imagine.
A bigger cam will allow more air to get into the engine, but also more fuel. Will surely result in a increase in power, but may also get a bit worse fuel efficiency, especially if you learn to appreciate the extra power, if you know what I mean!
Seems like fuel efficiency is more related to weight of vehicle instead of power. My Dad bought an 89 Sierra RCSB sometime around '98 or so. The 5.7 had some work to it from the previous owner. I remember the Crane Cams (or maybe Comp Cams) sticker on the radiator plastic thingy. Must have been a pretty aggressive cam...Anyways, that truck was pretty fast, but it also drank gas like nobody's business. Unfortunately, the engine developed a knock a few years ago and he had a 5.7 swapped from a junkyard that was told came from 90 Suburban. I think he did mention the replacement engine was not as powerful, which was not a surprise. I haven't asked him if his MPG is better, but he wouldn't even know how to calculate it, LOL. And frankly, not driven enough to notice.
My brother bought a 90 RCSB a few years back also with a 5.7 that the previous owner had dropped a JEGS crate engine. I believe it's a factory spec engine. He said his truck does better on gas, but we don't really know what the gear ratios were of each truck, for an apples to apples comparison. It's still a gas guzzler.
Point is that I'm not arguing you get more power with a cam swap, just doubtful you will get better MPG, at least to notice.
Now cam-swap away!