my friend did it on his big block dart. i think it looks pretty cool, water temps stay maybe 5 deg cooler, no changes other than that, and about $100 missing from his wallet. not to mention that stuff REALLY itches if you get it on your skin. after about 2 months of having it on his headers its already getting hard and brittle, and the car is rarely driven. probably made 15-20 passes, maybe 2 nights worth of crusing around. i can't see where you would want to do it.
i don't think the downpipe would be worth it either, it cold air flowing over it from the fender, any benefits would be negligable. maybe rubber and plastic pieces in that area would last a bit longer. but i can't really see it helping. unless you like the look, then by all means do it.