The best way to lower the VX and still retain OEM ride quality is to switch to struts/springs/shocks from an 89-91 Civic/CRX. This will lower the car roughly 1.5"-2" and still ride factory smooth.
Depending on your budget, you can buy all new and be set for about 15+ years. Or you can buy Tein H-Tech or S-Tech springs
HERE if you want to stay in the real of the 92-95 struts.
But those springs cost more than what I got a whole OEM 89-91 Civic/CRX for with new struts.
If you go with 89-91 suspension, you must get the front strut forks as well (to fit the front struts properly).
As far as the effects on MPG, lowering a vehicle has some but little effect.
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