Now hold on,
having done some experiments in the field, and having spoken with Funked, let me state:
As far as I recall, Funked's position is not that reducing RPM has no effect on fuel economy, rather that greater economy can be had by reducing throttle and keeping RPM at max, and this is true for most, but not all AH planes.
Now, here's how you do the tests:
A. Get a stopwatch (mine broke, so I'm out of the business)
B. Load up the dueling terrain, and go to the 15k field.
C. Pick your test plane, and load 25 % fuel.
D. Run tests at each throttle and RPM setting (I use 5 Man/2 Boost increments and 500 RPMs) that the plane will fly at.
Test Run:
1. Set FuelBurnRate to minimum (.001 or whatever it is).
2. Take off, and make a shallow dive to 10,000 feet, accelerating to what you think is going to be the speed at alt.
3. Level off at 10k
4. Set Throttle and RPM settings and let the airspeed stabilize
5. Select the smallest fuel tank on board
6. Set FuelBurnRate to maximum (10) and start your stopwatch
7. Record the airspeed. (IAS and True)
8. WHen the engine quits, record the time.
E. The numbers you want are:
1. Best Airspeed (that one's easy: Wep and full rpm)
2. Best Economy (highest time * airspeed)
3. Best Loiter (highest time)
4. Best Cruise -- as the aircraft approaches top speed, you'll see the fuel consumption skyrocket. This should be "pretty fast" without drinking the gas.
I usually "zero" in on the best settings by using the initial test as a bracket.
From these tests, it becomes clear that some planes, like the P51s, benefit from a reduction in RPM along with Manifold; others like the P51's merlin-packing cousin, the Spitfire, should be flow at full throttle all the time.
It's also clear that these tests take time, and few people have the patience to do it.