The air dam will be the best bang for the buck and considering how crazy older cars are on the under side, I'd think that a belly pan would be a huge undertaking. On pro-touring there is a guy who posted pics of his Chevelle with a dam and it looks good. I think he does standing mile, or top speed events from the skimming I did.
Custom Chevelle Air Dam Help
Don't let the aero discourage you; I really don't think you are in that bad a shape. You could block off the entire grill and mount the air dam under the core support, converting it to "bottom cooling" but it might look a little goofy. I wonder what kind of benefit could be had from a pro-stock type spoiler??
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-Mike
2007 Ford Focus ZX5 - 91k - SGII, pending upper and lower grill bocks - auto trans
1987 Monte Carlo SS - 5.3/4L80E swap - 13.67 @ 106
2007 Ford Focus Estate - 230k - 33mpg - Retired 4/2018
1995 Saturn SL2 - 256K miles - 44mpg - Retired 9/2014
Cost to Operate Spreadsheet for "The New Focus"