Assuming your power package is propped correctly for your boat weight (meaning you can reach proper WOT rpm as per manufacturer), and you operate within the normal cruising RPM.
For normal fast-cruise RPM, that would be around 3500-3600rpm for 5.0L and 5.7L, and 3200-3400rpm for 7.4L. I have not owned the 4.3L but I understand it revs higher at it's normal cruise rate.
If you want to go and take a look at some fuel consumption figures for various gas I/O's, propped correctly (i.e. to reach proper WOT RPM for the weight of your boat), you can scroll through a bunch of engine configurations here, and you can cycle through different RPMs.
I find it to be very accurate based on my own first hand experience with the same power packages.
Here's the link for the 5.0L 260hp configuration. From that page you can bounce around and pick difference displacement, horsepower configurations, as well as operating RPM for each;
http://www.boat-fuel-economy.com/mercury-mercruiser-5.0-305-260-fuel-consumption-us-gallons