Lift hurts milage (more air going under the truck).
Big aggressive tires hurt milage. A cap on the back
hurts milage. Going fast hurts milage. Not adjusting odemeter readings for larger tires hurts milage (becuase your odo says you have gone less distance than you really have)
Stock my truck (similar to yours 94 xtracab, 5 speed, 4.1 gears, 225 tires) got around 20 mpg (I think my best tank was around 25 - mostly downhill at 45-55 mph - that might have been after a put a tonnue cover on the bed which helped milage a little bit).
Putting on 31" swampers brought that down so if I got near 20 I was happy (adjusted for gearing). Taking off the bed cover, and putting on a cap made me happy if I got 18. Putting on 33" BFGMT and now I'm happy if I get 16 (regeared to 4.88 now, so assume the odo is about right again).
Keep in mind that as time passed I also started carrying more weight - highlift, spare parts, skid plates, rock sliders, heavier bumpers, winch, etc. I still keep an eye on my gas milage, it can be a useful diagnostic tool, but as long as I'm above 15 I don't worry too much (unless I've been wheeling alot on a tank, then 10-12 is not unreasonable)
Sounds to me like you are in the ball park. To get better milage put on small highway tires, and keep your weight as low as possible. Also keep your speed down. Sounds like fun huh. I like getting decent milage, but, if it was my primary concern I'd be driving a small econobox. Luckily I walk to work most days so don't really worry about it too much <img src="/forums/images/graemlins/kewl.gif" alt="" />