Another thought on fenders and aerodynamics...
In the early 1930s, the cars that set speed records basically were similar in body design to racing cars of the period: A cigar-shaped body with freestanding wheels. However, the record cars all used tear-drop-shaped fenders, or in some cases only a fairing in front and behind the wheel. I assume that brought some advantage, otherwise it wouldn't have been done. (Unless it was "streamlining by eye" rather than by science.)
A quick net search produced the Mormon Meteor Duesenberg (for the
record attempts, the fender parts above the wheels were removed)
http://www.seriouswheels.com/
Of course, soon people figured that fully enclosed cars may have a
larger frontal area, but are more efficient aerodynamically, see the
Bluebird at
http://www.sigmapress.co.uk/
Sorry this relates only partially to bikes. But people asked...
Jan Heine, Seattle