I never had the problem of returning fuel to the opposite tank on a Ford, but had a 79 K20 Chevy for a while that did that. Couldn't figure out why I got such lousy fuel mileage till i noticed out on a welding job one day that I had gas running out the filler neck of the RH tank
glad I noticed it before I fired up the welder.
I would check the switch valve, but also would check the compression with that many miles on it, I have never seen an IDI with that kind of miles on it, that could very well be a record. Also check the injectors and I would even go ahead and change the fuel filter too if you haven't already.
Other than those things just check for fuel leaks, I never did have a 7.3 that got overly good mileage. Last one I had was a 91 F250 ext cab lwb 4x4 with an automatic that never got over 9 mpg, and my 83 F350 6.9 c6 auto only gets 11 empty and around 7 with the trailer on.
Bryce