I tried to get as far as possible on a tank once, trying to get 600km from 87 litres.
I would like to see what one of those regular E34 econometers would read in the S38.
Personally, I can't care less for fuel economy as I am 4 miles from the office, but I understand some people would like some pointers.
I would never ever apply any throttle below 2K revs other than in first gear. Frankly, when I drive the car with the aux air pump still on, I shift on 3,2K and watch it fall back to a tad over 2K.
After a high speed run and a sudden slower section, I like to stay in a high revs/ low gear so oil pressure will be high. Tomba's fathers 3.6 threw an oilpump after dropping the throttle after Autobahn speed. I think in some cases its inevitable, however some nice high revs mean high oil pressure when you need it.
I think "undershifting" the E34 M5 will cause the engine to become "lazy" and thus less economic. Leisure drives are between 3 and 4K revs for me. Never below that,as soon as the engine oil reaches 90ish degr.
If any economy can be gained from underdriving the car ( which I doubt!) it will give you a cause to spend the saved money on a nice engine rebuild..Now, where would that break-even-point be? 5.000.000 miles a year?