Fiberglass hood mods... crazy?

A good bit of your desired results could be accomplished by removing the seal between the hood and cowl. That mod used to be illegal in Stock Elim, I wouldn't be surprised if they don't enforce it anymore.
Remember, any mods could allow water where it shouldn't be.
You could experiment w/ your stock hood. Remove the aforementioned seal, and also, try raising the rear of the hood by spacing the hinges some way.
I agree w/ others, I wouldn't want that big ol' chunk of hood flapping in front of me at 100+ mph. At the very least, you would need a way of keeping it from going too high.