The gauge is driven by an oxygen sensor that I mounted in the exhaust manifold, on the opposite end from the exhaust stack, in order to keep it as far from the water injection point as possible, as moisture will degrade the sensor. It's an unheated single-wire sensor.
I believe the ideal stoichiometric air/fuel ratio for gasoline is 14.7:1, and the gauge lets me achieve this....But...
The ratio tends to vary with rpm, and I'm very aware of the temperature going up with lean mixtures. I noodled around a bit with an IR temperature gun, but never got anything conclusive. In the end, I settled for setting the mixture to run just slightly on the rich side when at my cruise rpm range of 2000-2200.
Now, my plugs run clean, my idle doesn't stumble when throttling up.
Yes, diesels get better GPH than gas. BUT, you say you have a 20 gal tank? Interesting. Mine is 30 gal. This gives me a theoretical runtime of almost 40 hours. I've gone for 30 hours nonstop and had plenty of margin. And I carry a few 5-gal jerry jugs of fuel on deck on longer or offshore trips. Your 20 gals and 0.4 GPH should give you a range of about 50 hrs. Life is full of compromises...
BTW, the first car I drove was a 1964 Rambler.