Speed, racing, drag, and "toes in the wind"
With fixed gear away from the prop wash you have drag equivalent to the freestream velocity. BMatthews' comments of how to reduce the drag are well thought out.
The drag of each component of the airplane doesn't care how fast the complete airplane is going, just what the local component velocity of the airflow is.
If you put the gear in the prop wash you are essentially wasting power. The high velocity of the propwash against the gear converts into drag that is higher than the out of propwash drag.
It would seem then beneficial to have a longer gear that is streamlined as he described. The drag of the extra gear length is small compared to the close in drag effect.