very true on the mile per gall but i thought you owned a jet boat
so throw that thought out of your head they get crap for mpg the power valve relies on vacuam they do tend to fail and will couse a stumble on hard exceleration thats why u dont see alot of them in perf applications and you want your jet to run a little rich in the mid anyways becouse thats where it spends all its time while cruising to help keep things
cool so good luck and hope fully you can get 20 to 30 mpg out of that jet 
Yes, a PV is vaccum controlled - when your engine is under heavy load, you have lower intake manifold vaccum, and the PV uses that to sense when to enrich the main jets by up to 10 jet sizes. Remove it, compensate the main jet size, and run rich on everything but WOT.
Removing the PV is usually done by novices and others that don't truely know what they are doing as a band aid for the real issue. The only time I see a PV fail is during a carb backfire (usually an ignition problem) - with a protector, they don't even fail there most of the time. When they fail, gas leaks directly into the intake plenum, causing a rich condition at lower RPMs (not just at acceleration).
To me, there are two legit reasons for taking the PV out - that is if your carb is too small and you pull more than 3 inches of vaccum at WOT (like the restrictor plate racers) OR you only idle and go WOT like in a drag race only application. Everyone else is wasting fuel in the midrange (while cruising or pulling someone) as you are typically using about 20-35% more fuel in the midrange than you need to be. If you aren't careful that can foul plugs and wash the oil off of the rings causing excessive engine wear.
To each his own though, if that's how you want to tune, go for it. It works for many, and if it makes things easier on you, great, but it isn't right or optimal. I'm anal retentive on my tune, I want as good as mileage as I can cruising around, and brutal performance when I hit it.
Here is one of my engines (528 ci with a large solid roller cam) I get 15 MPG out of if I drive it mellow and it has enough HP to propel me very deep into the 9's without the nitrous (with I'm shooting for 8 flat).