Yes, lowering it would offset the height increase from the tires.
Without lowering it, whether or not taller tires will help mpg or not depends on gearing. In an over-geared vehicle like my Jeep, the drop in rpm more than offsets the aero penalty. However, in others, which are already geared pretty tall, it may not help, or may even hurt.
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Call me crazy, but I actually try for mpg with this Jeep:
Typical driving: Back in Rochester for school, driving is 60 - 70% city
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