With my old '79 LTD, 302/carb and C4 I would get 19 and change at 70-75 and low 18's at 75-80. Through the mountains it dropped to 16 at 55-65 mph.
Couldn't tell you what city driving was, I've long forgotten, only remember the highway mpg because that was on a couple vacation trips and I logged those in a record book. Back then it was 2 adults an one child (and a trunk partially full of luggage).
Though no over drive, the axle ratio was 2.29!

I did put duals on it, factory pipes but turbo mufflers.
If you have an AOD on your '81 I would expect a little better mpg, mid 20's at 65-70.
A friend has an '89 Caprice (bone stock), 305 4bbl with 700R4, he easily gets mid 20's and has gotten as high at 28 with 100% gas (not this 10% ethanol crap) at a steady 65.