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Ok, well first off, welcome to the site.
Before, you go to crazy on aeromods (though they're not a bad idea, just not the first thing I would do for improvement), get your scangaugeII. Once you have that, you'll be able to determine if you could improve your millage just by changing your driving habits. If you haven't red them already, read the 100 + tips to getting great gas millage, there is some really good stuff in there. After you read that and see what your MPG is using those techniques, then I would recommend the aeromods you're looking at because aeromods will only show small improvements, where adjusting your driving will yield better % results.
But back to your aero stuff. I have a 1996 Camry that EPA est. got 21mpg and I'm now doing about 33mpg in the city and upwards of 45mpg on the highway with and that's without aero mods to it. I just recently built air dams for the front grill, and you're more or less right, those holes on the bottom of your corolla are similar to the ones on my Camry and they don't do a whole heck of a lot. I was able to block off all the holes on the bottom and leave my grill open and my temperatures are still stable, but as always, YMMV. But, when you're looking to make the blocks for those holes, consider using pink insulation foam. It's $10 for an 8'x3' sheet of the stuff and then get some sandpaper, around 600 grit is what I used and it worked great to shape the piece. Cut a template with cardboard and then transfer it to the foam board, use sand paper to get it to fit snuggly into the hole and then to hold it on I used packing tape around the edge because it seemed to stick to the foam better then duct tape did. I also used some cheap $0.99 spray gloss spray paint to make it match the color of my car.
Good luck, looks like you have some work ahead of you.
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