The general rule is airdam no lower than the lowest part of the undercarriage. Frontal area isn't affected.
0.5mpg starting from 20 or 60mpg? Probably doable at 30-40mpg.
The belly pan gets increasingly important toward the rear. Under the engine compartment you should be aware of cooling air flow. At least a partial pan behind the rear axle will set things up for a diffuser, which is at least as important as the air dam.
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