I have a 1971 36 SS with 440's and an older Floscan fuel consumption 
meter.  I've found that at hull speed (around 7.5 kts; 1,200 rpm), I'm 
burning about 2 gph per side.  According to the Chrysler engine manuals, 
max RPM for these engines is 4,000, and they recommend not exceeding 80% of 
max rpm for sustained operation (3,200 RPM).  At 3,000 RPM, I'm cruising 
about 20 to 22 kts and burning about 8 gph per side.
To answer your "additional" question about the difference in speed vs fuel 
consumption, what you want to figure out is miles per gallon, not time vs. 
speed, unless your time has a value (e.g., could you be at work earning 
money vs. boating).  So at hull speed, burning a total of 4 gph, you're 
getting 1.875 nautical miles per gallon.  At 20 knots, burning 16 gph, 
you're getting 1.25 kmpg - 33% worse.  So over a trip of 100 miles, you 
burn 53.3333 gallons at hull speed over 13.3333 hours vs. 80 gallons at 20 
knots over 5 hours.  You use 26 gallons more fuel.  At $4 per gallon, 
that's a difference of $106.66, but you save 8.3 hours on the trip time.  
 
Fine calculation of the miles per gallon figure requires a fuel usage meter 
and some method of measuring speed.  You can use a GPS that has a readout 
of Speed Over Ground (SOG), but only if you know there's no current or 
tidal flow to increase or decrease your SOG.  If there is, you need a 
speedometer that reads out your speed through water (STW).  My boat has a 
depth sounder that has a little paddlewheel in the transducer that provides 
a STW reading on the sounder.  Newer sounders and speedometers have a NMEA 
0183 output that will interface with the newer flow meters and give you an 
instant readout of MPG.  
 
Personally, I like to cruise at hull speed, unless I've got to be 
somewhere.  Saves gas (read $$$$), and it's less stressful - at high 
speeds, it's hard to see a floating log in your path (a real hazard in 
Puget Sound and Northwestern waters) before you're on top of it.  Plus, if 
you do hit a deadhead, it'll do less damage to hull, props, shafts, 
rudders, etc. at low speed.  And it's nice to have a big speed reserve on 
hand in case the weather blows up and you have to run for a sheltered 
harbor.

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