Depends. How did you fare tax-wise with the withholding from your old employer? Do you have dependents or a working spouse? Do you contribute to a retirement plan or HSA at work?
Since you will only have two employers for part of the year, you could do as you suggested and leave old employer as-is and file a W-4 with new employer as if one employer.
TurboTax has a W-4 Calculator and the IRS has a Tax Withholding Estimator that can help you.
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