In my experience, the newer fuel injected boats do not get very much better gas mileage than the old carb'd ones. The fuel gauges are incredibly inaccurate... I wouldn't trust that 1/4 drop indicated on the gauge had much relevance to how much by volume he burns. (Ie... if he has a 50 gallon tank, I really doubt that 1/4 on the gauge will come out to 12.5 gallons.)
On my friends mastercraft, the first 1/4 tank lasts forever and the last half of the tank goes FAST.
Former owner of a 1987 Supra Saltare. Current owner of a Malibu 23LSV.