I think I picture what you're saying, and I think that it has the possibility of looking really nice and unique. As I stated before, the huge bumper is what really erks me.
Hmm, maybe we should have one of the photoshop guru's do it for you and see how it looks.
I absolutely love the way the huge mouth looks on a Z (even though it is terrible for aero). Since I'm not worried about maintaining 160mph (yet), I'll leave the "shark" mouth open.
If you're that worried about aero and which way to open up the cowl, I'd look at the testing data. They liked the Type III the most since it covers the front wheels better, and your idea of making the bumper detail on it smaller would make it an awesome looking airdam in my opinion.
But then again this is your car, so again, sorry for the rant but do what you want!
I'll def be following your build,
Mario