The web site
www.hotrodstohell.net which seems to be down right now, features a 66 or so chevelle that has the fender skirts removed. Click here:
67 Malibu and scroll down to the "Patrick's 67 Malibu". The photos don't show much. I found this link from another link, which I can't locate anymore...
I've been thinking about taking mine out too, but, as mentioned above, there's nothing to protect the engine compartment from water, rocks or whatever finds its way in there.
I think with the older cars, the skirt also gives the body some structural strength, just a theory. The car featured in the website has some tubular bars running from the firewall to the front. Also, depending on the make and model, you have to be concerned about the A/C heater blower, vents and anything else tucked up between the fender and the skirt.
Mag article - best picture here:
http://chevyhiperformance.com/techarticles/148_0409_weezer/