Believe it or not, the ultra thin oil will not help MPG. Often the ring sealing is so much worse, MPG suffers, especially on experienced engines.
Guessing that camshafts are fine, as a mistimed cam will absolutely run poorly, and very likely generate codes (not always though).
If I had to take a stab at it, I'd say your O2 sensors are tired. I'd also note that some engines, for various reasons, really do poorly on fuel with ethanol. I'd try your injector cleaner. And I'd try a full tank of 0 ethanol fuel. While not a 'solid clue', near miraculous results with 0 ethanol fuel does point to lazy O2 sensors.
Use a quality 5W-30 synthetic, change regularly, and consider replacing the two sensors upstream of the cats.