3.27:1 when talking about the differential refers to 3.27 rotations of the drive shaft for every rotation of the differential output (axle shafts.) So 3.27 is lower than 3.08. Think of it like the rear sprocket on a bicycle. When you're on that big cog you have to pedal like crazy to go anywhere, but it's very easy to pedal. When you're cruising along on the smallest cog, it more difficult to pedal, but you only have to pump your legs a fraction as much as you did on the larger cog.
Same deal goes for the differential in a car. Lower gearing makes it easy to move the car, but at the expense of higher RPMs. In some cases, you won't notice much mileage between different gear sets. Say if you moved from 3.27s to 3.73s... you might not notice much mileage difference at all because even though the motor is turning higher revs, it doesn't have to work as hard to move the car.
I don't think gears are going to fix your mileage problem. If the car hasn't been tuned up lately, I'd definitely do that right away, along with changing the O2 sensors and cleaning the MAF. Always better to fix the real problem first than trying to mask it with something else.