A good quality 5W-20 motor oil should be a non-issue with the 1ZZ-FE - I wouldn't have any reservations running that oil. Even running a 5W-30, depending on the engine, driving conditions, and mileage - it will likely shear down to a 20 weight range normally.

There isn't that much difference between the 5W-20 and the 5W-30 to lose any sleep over. Remember that Toyota recommended that all 1ZZ-FE engines made after the February 2006 model year use 5W-20 oil - this also coincided with increasing the oil capacity as well (new dipstick, they just moved the marks to add a hair under 1/2 quart extra).

I've been personally running the 5W-20 as well as 0W-20, 0W-30, and 5W-30 motor oils in my 2002 Corolla. Didn't see much appreciable change in fuel economy or colder weather starting ease, though it doesn't really get too cold here in Northern Virginia. Mine was more for convenience sake than anything else. Since the 2009 Matrix takes 5W-20 - I generally stock 5W-20 or 0W-20 in my house.

Though they recommend using what it indicated in the manual and on the oil fill cap - you won't destroy your engine running the thinner oil. I'd just keep an eye on the oil levels when you run it. Some have noted that once it starts to shear down, it can make lead to some oil consumption in an engine that had no prior history of oil consumption. Just a feature of running a thinner oil, will be easier to burn during normal operating conditions.

If you are concerned about cold temperature starting/running and didn't want to risk running into a lubrication issue - I'd recommend running a 0W-30. Good low temperature flow, but protects like a 30 weight oil when up to operating temperatures.