Jdash is a virtual dashboard that should work with an ELM 327, Jdash is open source and should be modifiable to do mpg.. I think that is being worked on now.
http://jdash.ludicrous-speed.com/wik....php/Main_Page
Maf should be able to be calculated at least reasonably closely from iat, map and rpm, so doing an MPG gauge for your car shouldn't be impossible.
Another possibility is calculating a BSFC map from data you have collected with your ELM327. Using fuel flow (air), rpm, map, speed and open loop signals it should be possible to figure out the instantaneous horsepower at each moment (proportional to acceleration) and thus the instantaneous BSFC.
I'm waiting for my own ELM327 and I'll know more when it arrives.