Yes, I meant 202 but I can't change the subject line.
To clarify, he's 5'8" 150 lb. Occasionally carries 2 adults or 3 mid-teens in the back. Drives within speed limits. 300E is overpowered for his use

which is 80% suburban surface streets/20% freeway. Freeway stints are rarely more than 20 miles.
Unless a 202 weighs as much as or more than a 124, and it might, I don't see how an M103/4 without OD gets better fuel mileage than an M111 with OD. Driving style has to be a factor.
Sixto
87 300D