If you like that, go with it.
For best MPG, use the lowest weight that is called for in the owner's manual for the car the engine came out of. I suspect that's either 5W20 or 0W20. A synthetic (or quasi-synthetic like Mobil 1) oil will probably cause a little less friction and pumping losses, and so contribute microscopically to better fuel economy.
For major MPG gains, though, you need to change the way you drive. I'm averaging about a 50% improvement since I started driving for economy.
-soD
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