It looks like your car was a partial "bottom breather". It pulled a lot of it's cooling air in from underneath. That's what the "air dam" was for, not keeping air from going under the car, but for redirecting air up into the radiator. If you have closed off that opening, and still aren't overheating, I would look into taking out the "air dam" and extend the smooth under paneling further back. For an air dam to be most effective, it should be at the very front of the car, where it is now, it isn't changing the stagnation point in front of the car, it's just getting air to pass over your engine compartment, which could be done with smooth paneling more effectively.
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