Although not strictly complying with the open wheel racing definition per se, and not being the same as the rim shields currently used, I've started working on some designs of how to best cover a F1 wheel. The reason is that I'm working in improving overall F1 car, and clearly aero drag due to wheels is a very important factor (I've heard it accounts for 65-70% of F1's total drag).
So, working with Solid Works 2008 (which is the one I'm most into), I've created some designes. Though, note that I avoided extending the cover over the wheel's with (unlike for example Mclaren shields). It will interesting to see what comments/suggestions, ideas and designs you can come up with, especially aimed to get a design which would be best at reducing drag, but not being to dangerous to the other car in case of close racing.
So far here are a couple of basic designs (I know they still need some developing, but I tried to do some basic yet original):
Spec1:
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Spec2: