When your computer sees that the coolant temp is cooler than normal it richens up the AFR (air fuel mixer). Just like it does on a cold start up...a colder engine needs more fuel. Thus giving you sh!tty mileage.
And I would have at least some headers before you think about dropping pulleys. A smaller pulley is going to suck a lot more air into your engine and you need a way to get it out as fast as it's going in.