.... has anyone faired the keel before and after any performance gains to speak of ????
For run-of-the-mill sailing and cruising, fairing probably isn't worth it; however, for racing it is.
Back around 1991, '92? or so, a Seattle Hunter 35.5 skippered by Gary Billargen (sp???), one of the salesman for the dealer, participated in the double-handed Pacific Cup race. The boat was essentially a stock boat but the keel was faired by someone who knew what they were doing and, as I recall, wasn't a cheap job. The boat was equipped with a spinnaker and most likely a feathering prop, but aside from bottom prep, the spinnaker, and I assume the prop, the boat was stock.
The good news it that they placed First in their class which was formidable. One of the other boats was a Cal 40 skippered by someone who was a sought-after "hired gun" tactician for the big sleds on previous Pacific Cup races. He wanted to have is own boat, bought the Cal 40 and prepared it specifically for this race.
It's surprising how races, even very long distance ones, are often won by seconds, so "is it worth it"? It depends on the particular skipper's answer. I have only had One PHRF race, and that was years ago. For the class I was in the race was around 6 to 8 hours long. We finished 4th .... only two and a half minutes out of first! Only seconds out of third! Didn't have any numbers on the sail so they thought we were crashing the finish line and being the end of the day it was pretty much a drifter. When the gun didn't go off we jumped up and down, waved our arms, and finally heard the gun. Could have been for the boat right behind us. Never protested and never talked to the race committee, and never raced another PHRF$ race again. And yes, it does cost money.
With regard to faring, there are a lot of other things I'd rather spend the money on. If one can learn about what is needed and do it themself, then that would be a low-cost option. Certainly wouldn't hurt.