Hi paul,
One of the reasons that OEM manufacturers went to closed loop systems is because catalytic convertors work best at 14.7:1 for emissions.
If all you are interested in is economy (and you dont mind killing flipper lol) turn closed loop off and target the AFR's to 15:1. Due to the increased combustion temps, NOx emissions will go up as opposed to 14.7:1
Cheers,
Matt