HI 328 Dave! with the top cowl removed fill any daylight areas that you can see by looking in the doghouse frontal area. I've used clear RTV silicone, RED RTV silicone. Depending on how nice you want the application, you could even tape off the area with masking tape then apply, removing the tape just after. For longer runs, alumnium tape works well, but is harder to work with for areas that require removal for MX. Either way, Preventive re-application will be needed after maintenance. It's a constant effort, but hopefully will improve cooling and a bit of speed. There are larger openings near the engine mount that require some attention. Also the area around the starter and ALT can be tricky. I seal the top portion of the dog house to the vertitcal portions with a thin bead of silicone then screw it together. It helps with the vibration, chafing, and cooling drag. It's takes a bit longer to remove but peals off pretty easily.... If it's a THIN bead.
I'd like to think it improves airspeed by a knot or two, and I think it improves cooling. However, I have no actual data, other than the fact it trues 160kts+ and I have no tempature problems. If ones having cooling problems, I'd defiantly work on the baffling. Pretty cheap overall, just takes time.
-Matt