You could lower the coefficient of drag that way, yes, but total drag is equal to coefficient of drag * frontal area, or CdA. So, by increasing "A" to lower "Cd", you might actually increase overall drag. Generally, aero mods that increase frontal area are to be avoided.
Edit: the flip side to that is that if you can make productive use of all of that extra area, it could be close to "free" aerodynamically.
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