Mine's an '86 too, and all I ever get is 95 miles from a full tank to the red reserve light. :damn angry: That's with a Venture diff too (-500rpm in all gears for equivalent speed) and mostly highway miles at around 85 mph. If I use the V-boost regularly I've seen as little as 75-80 miles out of a tank.
I have cleaned and rebuilt my carbs, set the float levels on the bench (they were only very slightly off), did the COPs mod, and am using stock jets and exhausts - the only upgrade is a K&N air filter. None of the above has made any difference whatsoever to my mpg figures.
I have no idea how some people here are getting 120 miles before reserve regularly, unless they are using the "gran'ma" riding technique. :ummm:
The only other thing I'm thinking could help is adjusting my valves - at 40k miles they must be due for a checkup.. :confused2:
I do think that with SuperTrapps though, from what I've read here you would benefit from lower jet sizes - try sizes in the 140s.
Also, what are your A/F screws set to? If you're so rich they may well be too far out - I'm only 2.5 turns out here with 152.5 and stock exhaust.