Yes, rolling friction is a total loss, and it is reduced by lowering weight. Steering and suspension geometry can be fine tuned for lowering rolling resistance.
I think that something along the lines of the Energy Return Wheel (with proper aerodynamic streamlining!) would also help reduce rolling resistance. And if those (non-inflating) are less able to absorb the small bumps, then I think that a scaled down version of the Levant Power regenerative shock absorbers could be a useful piece of an uber-efficient car.
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