The worst case scenario at FL290 would be (according to this table)
http://img63.imageshack.us/img63/8285/worstcase.th.jpgGW 315.000, cruising Alt 29.000, OAT +20 ISA
494 kts : (31,3 : 1000) = 15.783 lbs/hour
So the short answer to your question would be "yes" and the longer one "at least unrealistic" if your fuel consumption was observed right.
I haven't checked myself so far I must admit.
But I doubt that you were flying that heavy and I suggest to measure the average speed in a GS value or to go with mach numbers then.
See those shaded numbers there? These are the altitudes to aim for according to your GW. So FL300 is too low for her at every given flyable GW. FL330 to 410 is the range to be recommended.
Lets see if this makes a big difference then.