You should calculate an estimation of how much more frontal area there'd be with that much tire exposed, then figure how much the Cd would have to improve simply to match what it was pre-lifted, let alone improve on it. IIRC belly pans have been generally credited with 10% aero improvement. Plus you'd want to fair the tires in some way so they don't muck up the flow around themselves and around that nice new pan.
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