Those big ducts were for trying to cool a big British vertical twin. I think that old dustbin could be improved by eliminating those big side scoops and making that area gently rounded, and then cooling ducts could pick up just below the nose (at the level of the engine) and have a nice divergent duct built into the inside of the fairing (stiffening it up) to deliver cooling air to a ducted cylinder/head on the Honda engine. It is a small engine and won't be making a lot of horsepower so it doesn't need a giant duct's worth of air.
Look at what was done on the Dreamliner fairing:
http://www.eurospares.com/graphics/a...nerVicW001.jpg
http://www.eurospares.com/graphics/a...nerVicW002.jpg
http://www.eurospares.com/graphics/a...nerVicW003.jpg
The Dreamliner gave a 30+% improvement in fuel mileage in top gear and there's some "styling" in the design that probably wasn't a big help.
cheers,
Michael