The idea for the fairings underneath is to keep the air from the "dirty" aerodynamics of the undercarriage. A trailer with an enclosed underbelly is pretty darn clean, except for the axle area. And our axle area is a couple of tubes.
However, from what I understand, the more air that can kept on top of the vehicle, the better. And crosswind aero is also very important, as crosswinds DO affect mpg.
If I were to start with anything, it would be some type of rear fairing setup, similar to what the big rigs are running. At one point, I had grandiose plans of a rear boat tail/fairing setup that would also double as a "carport" for bicycle when camping.
I think something like that could be designed with some good lightweight materials, much like the ecomodder thread.
I bet one of the big rig boat tails could be adapted to a square backed TT pretty easily, as the heights are pretty similar. Then some skirting down the sides and such. Might net a couple miles per gallon. Payback would take a while, of course, but would be a fun experiment. And would likely be pretty ugly. But sure would be nice to pop it out and have some weather proof storage while camping.