As I understand it:
A perfectly smooth belly pan and air deflectors around the wheels is likely overall better than an air dam. The air dam trades an increase in area for reduced coefficient of drag be deflecting air from a very aerodynamically dirty area. The pan and deflectors do not add area.
I expect you could curve your air dam like that successfully. You might not want to have it end up completely parallel to the side of the car where it ends, to encourage air to move around the wheel. You'll probably want side skirts too.
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