Since my last post, the Jeep has settled in at 15,7 MPG per the computer, I've yet to measure by hand as I rarely fill the tank. From what I've gathered, based on my driving habits, this is quite good for a 4.7. I just took a trip to the cabin, 2.5 hours each way, and held steady at 16 even while I was VERY generous with the throttle during multiple 2-lane passing maneuvers. Combined with doing my best to maintain 80-90 mph while cruising, and I really can't complain given it's a 235k mile 20+ year old truck. In addition, being a '00, my truck is only a 4-speed. I plan on grabbing a TCM out of an '02+ to gain the additional OD gear for a total of 5. No programming required, I just have to use a scanner to initiate the "quick learn" function.
I did not reset the trip computer prior to the drive, and can't off hand remember the last time I did. There's at least 3 months of average being reported, most of which is excessive in-town acceleration and lead-footed highway driving. I think the problem most people have with OEM trip computers is that they don't take into account the variables that the factory unit can. Sure, the hand math method can give you an accurate per-tank outcome but the longer you leave the factory computer alone, the more accurate it gets overall.
If you only compare a tank at a time, you'll always find the onboard computer number skewed, as it's only calculated driving parameters for that one tank. Let it do it's thing over an extended period, and it can much more accurately calculate fuel flow, injector pulse width, idle time, engine temperature, load, O2 feedback, etc. Yes, some factory trip computers do take all this into account to give the most accurate reading. They just need more than a tankful to do so.