Yep, I've just done exactly the same as roger on my flared wing '93 car.
My car is black, so black dome headed bolts don't look too bad or obvious down the side, and the small amount of marking where the old wings were touching the body sides also T-Cut back very succesfully.
I used the existing headlight/wing bracket, by cutting the square section that supports the wing off, at the lamp mounting base plate, looks fine after respraying with satin black aerosol.
The biggest problem is the bottom of the cycle wing hitting the body, as testified too by everyone else. I haven't attended to this yet, [done the easy bit first, as you do...] I understood that the original cycle wing racks had jubilee clips on the end of the rack to restrict the movement - I will investigate this sometime, could be a lot cheaper than one of the beautifull looking ali. racks, if it works.
By the way, I've glued my cycle wings onto the brackets with Gripfill, which I've succesfully used previously to keep a pair of flared wings on, and when I removed those, I had to cut them off with a stanley knife, I have high hopes, but only did it last weekend, so before putting all my strength on them, wanted to give them a chance to cure properly!
Apart from the aesthetics, which are down to personal taste, the pros and cons are more water chucked up your right armpit, but less windage, and easier access to the engine, and easier removal of the bonnet, it's also a never ending source of facination, watching your front wheels bobbing up and down as you drive.
Do it, good luck.