Virgil--
Of the three second generation Trans Ams I own, two (the '76 and the '79) have splash guards installed on them. Both cars had the guards installed by previous owners and I never bothered to take them off...I originally was not crazy about them, but I am now a firm believer in having them after what happened to me in the '73 a few years ago.
I was leaving a car show and, go figure, my right foot was feeling a little heavy that day for some reason. I was on a surface street and got on it only to run over a piece of baling wire with the right front tire which kicked it up onto the right rear fender flare and scored the paint down to the primer. I'm convined if I'd had the spash guards on the car, it wouldn't have happened.
Okay, so
maybe I deserved it...but what's the fun in having a 455 ci under the hood if you don't get on it once in a while? Besides, I'm addicted to the sound of the Quadrajet at WOT trying to suck the windshield down the throat of the open hood scoop.
Regarding trapping dirt/moisture and causing rust issues, we don't seem to have that problem too much in Dallas.
Here's a photo of the '76:
Tinman5