I proposed a similar idea this summer for my CBR125. A couple of days later I commuted into work on a very windy day (crosswinds) and decided that this was an experiment that I didn't really want to follow up on.
I do however have the bike in my laundry room for the winter and I do see lots of potential for cleaning the bike up aerodynamically. I've seen aero mods make significant fe improvements in cars on this site; I think there is good potential for motorcycles in this regard.
I've found it interesting that my bike; a 2008 is slower than the newer bikes with the same engine even though they have bigger tires and are heavier. The newer bikes have a larger rear sprocket and better aerodynamics.
I've attached a picture of the front of my bike. It seems like a huge gap between the front fender and the front fairing. Granted, there is a radiator there that needs some air flow, but my coolant guage always is in the bottom quarter.
I've also noticed newer models have rear view mirrors attached to the front fairing and look like they may present less drag. My handlebar mounted mirrors mostly show me a clear view of my arms, so changing them is not a big risk for me.