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From my experience yes, less weight and size means less rolling resistance. A simple formula is the max load of the tire should be equal to or greater than half of the GAWR front or rear on the Vehicle Certification Label, usually the rear is less on a fwd car. From there the smallest wheel with the smallest tire is best. You can easily find tire specs on tirerack.com This should be done before lowering the car as it may make it unnecessary to do. There may be a limit to how small of a wheel you can use to fit over brake calipers.
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