Best Practice for Nginx logging

Team,

i would like to know, what would be the best practice for nginx logging.

Currently we are logging all the request which comes to nginx webserver both access and error logs. Question is

1. Is there a better way to modify the access log to reduce the IO hits?
2. or disabling access log will provice the performance imrovement ?
3.Currently our log size limited to 50Mb with 10 rotations

Please let us know, if any tweaks will improve the peformance of nginx server?

Regards,
Rishi