Here's just one of many:
Removing the wheel wells is a very common miss-conception. The only possible benefit is the weight savings. GM wheel wells only weigh 8-12 lbs each. 20 lbs of savings is not going to show up on the track. 100lbs is only 0.10 seconds. Every time I talk to a racer who only tried removing them and no other improvements slows down about .20 in the quarter. Why?
With wheel wells on, at high speed 90% the air in the well stays in there circulating around the tire. The air going under the front of the car keeps flowing under and out of the back of the car. The high speed of this air also creates low pressure pulling the car down increasing traction and stability, and reduces the amount of air flowing under (less drag). High end exotics, road race cars and NASCA cars all have wheel wells, a flat floor pan and a diffuser at the back to increase this natural effect.
When you remove the wheel wells, the air is now confused. Air flowing under the front end is pulled up into the engine bay building pressure against the fire wall and then has to find a way out either the wheels or under the car with a great deal of turbulence. The negative effects on air flow and drag hurt ET and can also cause a drop of 2-4 MPH.
The biggest down side is what happens when you take your car out on a nice day and a rain storm comes through. Any driving on the slightest wet conditions makes a massive mess of your engine bay. You will also clintch at the sounds of pebbles bouncing around in there or small rocks creating bumps from dents on the under side of the hood (in your case cracking you fiberglass hood).
The main reason I can tell that race do it is for easy clearance to work on the engine and access spark plugs (small Chevy). As the car gets faster they will usually have tin wells fabricated that can easily be removed using quarter turn fasteners.
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Doug