If your XJ is anything like mine, your speedo will read high by about 5% (someone earlier said 6%...probably variable with tire brand). I'm running 33x10.5 BFG AT's and 4.56 gears. My speedo reads HIGHER that actual speed by only a couple of mph at highway speeds. This means my odometer reads HIGHER than actual miles traveled. So, what ever error you have (5%, 6%, 12%, etc.), if speedo reads high, you need to SUBTRACT from your odometer reading to get to actual.
And, if all you're after is an MPG calculation...what difference is 5-6% gonna make? Is it that critical? Really?