About the added surface area, take a look at wing struts on just about any plane that uses them--Cub, Taylorcraft, Aronca, golden age racers etc. The struts are airfoil shaped. There certainly would be less surface area if they just used round struts but airfoiled struts are used because they offer less drag.

On a pylon racer you probably would win your bet about the difference in lap times not because wheel pants don't offer any advantage but because most pilots (including myself) aren't consistent enough to be able to tell a difference. But it is the little things that add up and the sum of all can make a difference.