Part of the benefit of the "pizza pan" wheel covers is that they are smooth on the outside, where air is flowing the fastest around them. Part of it is that it doesn't let air go through the wheel, but I think that's a much smaller part.
You would probably see very little if any MPG benefit from running the shield inside the wheel. You'd see a bit more with smooth covers on the outside.
You will see larger gains on the freeway from smoother aero than lighter weight, but in stop-and-start driving (e.g., in town or heavy traffic) and at low speeds the weight will be more important than the aero.
So, if you're doing it for looks: Get wheels you like. Put the dust shields on the back of them. Set the tire pressures as high as you are comfortable with, and go.
-soD
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