However the newer cars also usually have alloy wheels instead of steel, and larger rim sizes as well which improve economy (less weight = less rotational intertia). So obviously the best combination is R15 alloy wheels on an older car. 
Ok, This intrigued me but, I am still trying to get me head around it. Bear with me...
In the case of the Carat / Eco I am building, Stock tire size should be 185/60-14, I already have 14" Alloys. I am keeping the ASF Transmission from the Carat bolted up to the Eco Motor (I think):
Code 1st 2nd 3rd 4th 5th R&P
ASF 3.45 1.94 1.37 1.03 0.75 3.67
If I get 15" Alloys I'd have to use 195/50-15 tires to keep my speedo accurate according to
http://www.miata.net/garage/tirecalc.html.
So if I plug that stuff into
http://www.scirocco.org/gears/ at 70 MPH I get:
185/60-14 = 2544 RPM
195/50-15 = 2551 RPM
Forgive me if I don't sound bright but, I am not getting the Inertia part... How would that play into it?
Would it be worth it in fuel savings over the life of the tires? Just for example comparison of prices / size from tire rack.
Michelin Pilot Exalto A/S 185/60HR14 $78.00
Michelin Pilot Exalto A/S 195/50VR15 $142.00
Fuzion HRi 185/60HR14 $41.00
Fuzion ZRi 195/50ZR15 $58.00
There is a much smaller price difference with the Fuzion but, does it save enough fuel over the life of the tire to justify the cost difference between 14" and 15"?
Or did I just completely over think the whole thing??
Or is the whole idea here to forget the speedo and get larger overall diameter for the tire and wheel? If I use a 205/60-15 tire on a 15" rim that gets the RPM down to 2343 at 70MPH. It also gets the tire price in line as well, as I can stay out of "V" and "Z" pricing.
Fuzion HRi 205/60HR15 $46.00
Michelin Pilot Exalto A/S 205/60HR15 $91.00
Based on that I can see where the fuel savings and higher MPG would come from lower RPM and probably pay for the tires easily.
I still don't get the inertia bit though :?