Is my 340 Overcarbed? Avg 5-6 MPG

It's s mechanical speedo from Autometer. Maybe it's no **** off on speed too?!? Engine was dyno'd on an engine stand and not in the car. I drove it again this morning and putting around in second and third gear was 11.5-12.1 on the wideband afr. It's definitely running rich. Warmup is worse, lots of smoke and wideband reads 10.7.

If speedo- and odometer-readings don't match up than your speedogauge is off/failing.
On long trips I always recalculate the actual miles travelled by plotting the entire route in Google Maps.

Lean out the primaries for better AFRs.

Your dynorun was mostlikely made with an open hood.
Any chance the airflow into the engine gets smothered by a clogged airfilter or hoodclearance?