One of the testimonials claim to have gotten 41 MPG doing 60 MPH. That doesn't seem that farfetched for a stock Valkyrie.
My '99 CA-model Tourer wears a Memphis Batwing, I/S tank, trunk, radiator and pods, fender and wind deflectors plus assorted "safety chrome", two-way radios, etc. It retains the CA-model cams, OEM smog plumbing, has an I/S ICM and carb springs and adjustable main jet needles (Cobra). Apart from that, the intake, ignition and exhaust systems are stock, You can get an idea of the bike's weight and state of tune.
I've routinely seen 42MPG with that rig when run from 55-65MPH. Even with aches and pains creeping in, my Throttle Hand is still very strong. Thus, the follow-on:
I went on a trip with a 'Wing riding buddy (1500). He lost 5 MPG when we ran 75 MPH on the I'state.
I'll dip into the low 30s running on I-71 (our fastest area freeway) if I make an attempt to keep pace with or stay ahead of traffic. Even so, this isn't objectionable for the amount of power the bike has on tap.
My I/S is worse. 49-state cams and tuning mirrors the Tourer. No trunk (at present). That thing just wants to RUN. At 6-point speeds it dips into the mid to high 20s gas mileage.
All said, I wouldn't change anything with either (except for cosmetics).