I know I'm opening a can of worms here, but why have wheel pants at all? My assumptions on the speed difference only come from postings I have read over the past 3 or 4 years, but here goes.
My understanding is that folks are typically finding a 15 knot increase in speed between no pants and fairings, and finished. Several postings have suggested that the leg fairings are the majority of the increase - perhaps 10 knots. That leaves 5 (maybe 7 in a stretch) knots for the wheel pants. If you look at the wheels without the pants, they each have a pretty ugly wheel pant mount that sure looks like a lot of drag. I have to assume that the people who published the numbers had them. If you fair the legs, and clean up the wheels (remove the mounting hardware), and add hubcaps, I would think you'd be awfully close to neutral.
Now my real prejudice comes out - the pants are huge and ugly. They look like you landed in a watermelon patch. They are too large when gauging proportions from a distance. It reminds me of a honey bee coming back to the hive with legs covered with nectar and pollen.
They are expensive to replace, take a lot of man hours, and fill up with dirt and grass. If you do any unpaved strips, you sure to break one eventually. My personal observations from asking individuals what they think, is that male pilots love them and think they make it look fast and sleek. Non-pilots and females tend to be neutral or agree with me. They're too big.
Ready for the flameback,
John