Hi Tom,
I hear what you're saying, and I was scratching my head about the relationship between MPG and max power. After a lot of thought, what it came down to is at partial throttle, there is enough 'air room' to add fuel to achieve the amount of power the car needs to do what the driver asks of it. Since the fuel has a lower energy content, the fuel system is adding more fuel - hence the lower MPG.
When you get to WOT conditions, you're 100% correct that a naturally aspirated engine is essentially an air pump. Under those conditions, the engine can only supply so much air for combustion, so the amount of fuel burned is limited by the amount of air available.
So, let's say that we're running at a 12:1 A/F ratio at WOT and, for the sake of discussion, let's assume the efficiency of combustion is equal for both fuels. Assuming we have the same 12 parts of air available to burn that one part of fuel, the same amount of fuel will burn in each case, and the lower energy content fuel is going to produce less power.
If my reasoning is flawed, please feel free to point it out.