As for the ?, will taller tires help, I'm pretty much with bzipitidoo. If you have power to spare, you can drop the engine rpms by changing the gearing or different tire diameter, that should definitely help with FE.
Definitely get used to using a tire calculator like
http://www.miata.net/garage/tirecalc.html
or
http://www.wickedbodies.net/Tire-Size-Calculator.htm
Of course getting a larger diameter tire turns your speedometer into a liar, and could help you get a speeding ticket too.
Getting a skinnier tire of same diameter will also help FE for two reasons. One, a smaller front profile pushing against the air. Two, the narrower tire will have less "squirm" which just wastes the energy you're trying to conserve.
The specs on TireRack.com show the range of flange width(s) you can use with any given tire. Obviously that should match the width of your rims. Sometimes it's stamped on the rim so you can see it even with tire mounted on rim.
As for traction, wider tires don't have more rubber on the road so you lose nothing with a skinnier tire. The weight of car vs. air pressure in tire gets you x square inches of rubber flattened onto the road. The wider tire on wider flanges with shorter sidewalls does give less sidewall flexing and more overall control, but you pay for it with FE lost to the rubber squirming and air drag issues.
At fast highway speeds, you really need aerodynamic improvements, or you need to slow down. Air drag goes up with the cube of the speed change so it gets huge quickly. I found it in wikipedia,
http://en.wikipedia.org/wiki/Drag_%2..._high_velocity
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Currently getting +/- 50 mpg in fall weather. EPA is 31/39 so not too shabby. WAI, fuel cutoff switch, full belly pan, smooth wheel covers.
Now driving '97 Civic HX; tires ~ 50 psi. '89 Volvo 240 = semi-retired.