I'm not sure if I'm aerodynamically knowledgeable enough to crticize, but I'll try anyway...
Aren't you going to be adding drag by flaring the spoiler out away from the car? In other words, wouldn't it be better to have reverse the curve such that it was rounded towards the tire instead of out and away from the car? If seems like if it was a curve towards the tire then it would help direct the air down the side of the car.
By doing it the way in which you have, you will create a turbulent spot behind that spoiler right there at the tire. I don't know if that creates any kind of problem, but at a bare minimum, flowing air right down the side of the tire could only help in at least removing heat from the braking area, right?
Just a thought after looking at the picture... Can you educate me otherwise if I'm completely off base please?