not sure if my maths is 100%, but...
... a 1% increase in top speed represents approximately a 3% reduction in total drag power, assuming the same shaft power / fuel consumption rate.
If you wind it back to the same
cruise power you'll see approx slightly less than 1% improvement in fuel consumption.
Presumably if any drag reduction is only a parasitic drag reduction (~95% of drag is parastic at max speed) then you'll realise less of the drag reduction gain as you slow down, since induced drag increases and parasitic drag decreases as a proportion of the total.
A gain in propellor efficiency at maximum speed may not translate into a gain at cruise - it depends too much on where you are w.r.t. TAS and RPM.
Back at the parasitic drag reduction case, if you wind the power back to the same
cruise speed, you'll see
some of the 3% improvement in fuel consumption. If you throttle back at the same altitude, you'll be worsening your BSFC, so you'll lose some of the 3% You might see more than 3% if you use altitude to reduce power - you'll gain TAS and maintain(ish) engine BSFC. Reducing engine speed also improves BSFC for the same power level, but the propellor efficiency characteristics destroy any certainty as to which way it will go in total.
In summary, 1% speed = ~3% FC, if you get everything in your favour and you resist the temptation to go faster!
A
PS: this is only theory, and possibly bad theory at that!