No penalty for scalloping everywhere.
I just finished doing Skybolt fasteners. I posted pics of
my camloc install to my website.
I went with a "no hinge" cowling, and I'm very happy so far with the Skybolt camlocs and installation. As others have said, scalloping is required around the top cowling, but you should be able to get by without scalloping everywhere else. The bottom flanges do angle upwards a bit, but they do so uniformly.
I've read about how others have not enjoyed hinge installation or the user-friendliness of the hinges thereafter. I thought the Skybolt camloc install was straightforward. Granted, it was a fair amount of work. It reminded me of doing the 1000 platenuts on the wing spar. Lots a repetitive steps, rinse, repeat.
At the very least, there's a modest weight advantage in scalloping as it removes a lot of excess metal. I think it looks better with the scallops, but that's subjective, and not many will ever see it. The fit around the front of the cowling is tight, and maybe it would be harder to install/remove the cowling with unscalloped trim along the sides.
One thing I would modify from Skybolt's instructions: They have you cut 4" wide attach strips to start with, and then you trim excess later. I think that was a great waste of material. 3" wide would be plenty.
Good luck!