The weight's pretty trivial, in the grand scheme of a 170+kg bike with a rider on... But aerodynamics... I doubt there's a single lower fairing set that's seen the inside of a wind tunnel, so they could be doing anything really. Smoothing the sides of the bike would cut drag, in general, but then the rear edge of the fairing could create it, and you could still have airflow underneath which would mean you'd have about as much drag as usual from the engine, frame etc, plus more from the frame.
In short- don't know

Now a full fairing, race fairing etc, that could be a different story as they tend to be simpler and tighter fitting that lowers. The manufacturers probably won't have wind tunnelled them but they tend to be based on bikes that have probably been extensively tested.