I tried some thought-experiment calculations on surface areas of objects on my bike.
For my body (ex-legs), I came up 1225cm2, riding on hoods. If I get down low onto the bars (as if I were in a tri-bar position), that drops to 800cm2.
My current mudguards, excluding area masked by tyre, are 380cm2. That's just the vertical area.
A whole third of the surface area of my body!
Hey, Gonzo, you're the expert here. How much difference does a change in frontal area make?