What you say is partially true. My effective gear ratio is in between two of the ratios (3.08 and 3.42) GM offers on these trucks. By correcting the tire size the ECM uses, it changes the shift points and V4 engagement. I experimented with different sizes with the Hypertech and found (as compared to stock tires installed):
1. Oversize tires with no correction gave delayed shifts to higher gears and decreased V4 use.
2. Artificially high tire sizes (example: putting in 40" when the actual installed size is 34") actually gave more V4 usage but greatly exaggerated delays in shifting. RPM would run very high before shifting, but it stayed in V4 mode almost all the time. So the ECM anticipated more load from the effective change in gearing, but also realized that under light throttle and the higher rpm, 4 cylinders were more than enough to provide the power necessary.
3. Oversize tires with correct oversize programmed in yields shifts and V4 engagement virtually the same as stock. For example, at 45mph I am just under 1,100 rpm in 6th gear with V4 engaged. How does that compare to what you see with a 3.08 or 3.42 rear end?
So obviously I ended up with option 3 above, and my mileage is almost as good as stock. Naturally there will be a slight decrease from the extra mass of the larger tires, but 19 overall after 15K miles according to the OnStar app seems pretty reasonable for a 4wd crew with 6.5 foot bed truck that is rated 16/22 and 18 overall. My worst tank was recently 8mpg during a day of rock crawling at speeds less than 5mph. My best is 24. Usually I'm right around 18-19 in town and 19-20 on the highway cruising at 80. As others have reported, if I drop the speed to about 73 or less the mileage climbs closer to the epa 22 highway rating. I have a few DIC pictures of typical mileage. My 400 mile average is usually around 20, but does drop after off-roading or hi-speed highway runs. BTW, the truck is very quiet and smooth cruising at 95, but naturally a bit thirsty at that speed. That was on the extraterrestrial highway in northern Nevada, probably the longest, most boring stretch of road I have ever been on.
Last comment: with the correct tire size calibration, my odometer error is 0.2 miles per 100 miles, which is probably more accurate than any of the stock odometers. So what I am saying is the mileage figures are accurate and corrected for the oversize tires by the Hypertech.
Bottom line is that oversize tires and a lift, even a small one like mine, will naturally decrease your mileage, but it's a small hit if you take the time to program the ecm for your mods. So if you like more ground clearance and larger tires for off-roading, go for it. Might not be very driveable if you start with the 3.08, but if you have the 3.42 or 3.73 you should be fine.
BTW, I did test drive an all-terrain, 5.5 foot bed with 3.08 rear end and 34's like mine, no speedometer correction, and it actually drove okay. It was very much like you suggested in that I saw very little V4 engagement, plus I didn't want the reduced payload and towing capacity of the 3.08. Ideally I would have bought the 3.73, but 3.42 is all that was available back in August and I was impatient, so here I am. No regrets.