Since aerodynamics start really taking effect at 40-ish MPH, trying to keep a speed that requires more top speed than like 45 isn't going to yield the results you're looking for, unless you're already a horribly inefficient driver.
You've got the basic concept, but I believe that most people accelerate at ~60-70% throttle, since WOT usually puts you in open loop mode, but low throttle angles (as you already know) are horribly inefficient, due to the restriction. Slightly off topic, I wonder how that really works in a diesel format?
Back on topic, once again - you've got the concept. It's more a matter of finding your "sweet spot" to get the best gains from it. It does work great in the city, though, especially when you can time lights and coast through long distances with relatively short pulses.
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