I think they're awesome! But yeah, I installed them for looks not because they have any real functional value. They do let some heat out of the engine compartment at low speeds, but I think that's about their maximum functionality.
If you're going to make them "functional", I would suggest trying different size hole saws (on some scrap material) to find the best fit for your hood scoop seals.
I used a 4-1/8" for mine, the DMT gaskets I used still worked. Having done it, I would suggest using a 4" or 4-1/16" hole saw. After cleaning/dressing things up the holes on my car were definitely larger than 4-1/8". Not enough to be an issue, but yeah I'd go down a size on the hole saw the next time around.