I've gotten 26mpg with almost all freeway driving and my last mod gave me ~ +1 mpg (didn't expect that). But the #1 reason the vette gets better mpg is it's aerodynamics. Compare the drag on the vette vs. the mustang chassis(just look at the bland styling of ALL econo-boxes, bland jellybean = aerodynamic). The faster you go the more it becomes obvious that the vette is much more efficient. Pushing a wall of air at 60+mph is not easy, but moving to the side as you pass by is. I'd say that is the same reason the gto gets better mpg(the ls1 jelly bean). Now why is the mustang so bad in this area? Old platform + 4v heads for the cobra on a mod motor and it gets tall in a hurry, add the requirement of some style and voila, mpg sacrifice.
Also consider that the modular motor idea isn't quite as dialed in as the chevy's (it's newer). The next two things that effect the mpg of these cars is the efficiency of the drive train, more $$ on a tranny gets you more efficiency(via gear materials, bearings etc.).
Weight has little effect on the freeway(assuming constant speed), other than making the wheel bearing friction losses greater (not much). Weight does effect mpg while accelerating though.