In my opinion it certainly should help aero to drop the car 1-1.5". Reference almost every "eco" branded efficiency car getting the lowering treatment from the factory.
However to ensure an increase in FE from lowering, I would recommend: Get your under-body flat, and clean up the front end of the car - including a sharp(er) edge at the bottom front, i.e. a lip spoiler / air dam.
p.s. Now that I know you have a corolla, don't go big on the ehxaust! haha.
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