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How many miles are you planning on putting on annually? Planning on using it for any thing other than a race car? 1 car or 2? I would assume a two 7,000 lb axle 8ft wide trailer...but alot is going to depend on what you are going to be using if for other than towing your race car...and how many miles you are going to put on it. Also, how long do you plan on owning it before you sell it/trade it?
The farm has a 22 or 24' square car hauler that we have had around for probably 5 years. We just use it to haul misc. building supplies, an occasional car/tractor/whatever or for lockable storage on a remote pasture. I doubt it has even 10,000 miles on it, more likely that number is closer to 5,000 even though it is almost constantly "in use". I'd rather not go to all the work to modify said trailer to get better mileage seeing as how few miles it is used annually. Return on investment and reduced trade in for eco-modding it just aren't there for it to be worth the effort.
However, If you are going to pull several thousand miles/year, I would think you would be best served to follow the big rigs. Easily implemented mods (think skirts, fold-able boat tail, smooth wheel covers, gap reduction, softening front radius etc, etc) without drastically modifying the trailer would be your best bet in my honest opinion. I would never buy a trailer that somebody seriously cut into, but I'd be OK with the other mods as long as they were tasteful/removable.
I think if you could narrow it down to: how, how much, what for, and for how long you plan on using the trailer, some of the questions would be easier to answer...both for yourself and others reading the question. If you are going to own the trailer forever and use it for one dedicated use then I'd say tear into that sucker and turn it into a streamlined beast that will likely be more aerodynamic than the car inside of it.
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