This is just my opinion...
Nellie Faye style fenders cover the top of the wheel yield more frontage than standard fenders. Making them a bit wider to cover the inside cavity of the wheels only increases the frontage. While I do not have any personal experience with Nellie Faye style fenders (never raced them in the league), I do believe the extra frontage will create more drag than will traditional fenders and air shields. While you can argue that traditional fenders and air shields will create more turbulent air than will Nellie Faye style fenders, I believe the drag of the Nellie Faye style fenders is more detrimental to speed than are traditional fenders and air shields. As stated above, there are also additional challenges cleaning the wheels and re-prepping the car. Nellie Faye style fenders, however, do look awesome. Best of luck....