Vince-HX: It depends on what you're trying to do. You still won't be able to "seal" the gap around the tire to smooth the flow past the wheel opening as your guard will be hugging the tire. It will, however, reduce losses associated with the boundary layer drag on the rotating tire and should keep your tires cooler (that's why big rigs use these things). It will eliminate much of the need for pizza-pan hubcaps.
saunders: There are vehicles with "side skirts" that are like air dams on the side of your car. They work well in vehicles that have a low front air dam to keep air from flowing under the car from the sides. I think this is a lot of the reason that long-wheelbase luxury vehicles have pretty good drag coefficients as a lot of them are straight-sided pretty low to the ground (BMW 7-series).
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