Search/browse is your friend!
See:
http://ecomodder.com/forum/showthrea...-6-a-4368.html
or
Wheel disk mod, any MPG gains? before/after?
In a nutshell: depends on your starting point. If you've got relatively good OEM wheel cover aero you won't likely be able to detect the difference (which isn't the same thing as saying further smoothing don't work - it'll just be a small effect).
However if your OEM wheels are horrid air blenders, fixing the problem can be a significant improvement.