Well 1st...Unfortunately Not unless you've got a leak somewhere (then yes). Removing the cat would actually improve gas mileage. Basically what catalytic Converters do is remove/break down toxic emissions from your engine. They remove oxidations and break down Nitrogen oxides. Regardless, its a proven fact they have an adverse effect on gas mileage (I'm not saying I care. I likes Quiet. :shhh: ).
Secondly. 12.5MPG? You do realize the EPA estimate is 13MPG, Right? :sla:
If you're really concerned about that 12.5MPG, Most gas-mileage deficiancies can be traced back to a lack of basic maintanence. Perhaps you should pop that hood and give that 350 a good flogging. BY which I Mean, Clean or get a New (or K&n drop-in) Air FIlter, Oil + Filter CHange, + Flush out your fuel system (if necessary).