I'm a big fan of removing the inner fenders all together and going tubular instead. Better cooling is one of the biggest benefits. But short of going that radical, the perforated fender skirts from Scott at American Bronco (also sold through Wild Horses) are pretty nice. We've installed a few sets of them on customers' Broncos and they're a nice product. Yeah for some the price might be prohibitive. In that case simply cutting out the inner panel all together, or using a hole saw to put some holes in it, are good low-cost alternatives (although the perforated sheetmetal pieces do look cool).
As for the skepticism that this actually does any good, I'm here to tell you it does. Its not a matter of the engine compartment being air-tight, of course its not. But its a confined enough space that it hinders airflow. And that is detrimental both in the form of higher under-hood temperatures as well as inhibiting airflow through the radiator. Cutting or modifying the inner fenders helps in two ways, first it allows better airflow, and also it reduces the heat-shield effect of the inner fender, which does a quite efficient job of trapping heat from the headers which are right next to it. And remember that headers give off even more heat than cast iron manifolds do.
Dusty