I suspect you're right about the MPG. Another advantage of the 2WD mode is that the vehicle drives a little better that way. Some folks have said it's a little "stiff-legged" and that sums it up for me. It's not a big difference, though.
It may be that the lack of 2WD with the V8s started with Toyota's efforts to keep the prices close on the V6 and V8 versions. In 2003 it started out at only about $800 I believe. Removing the extra gear from the transfer case and front axle may have saved significant manufacturing cost.