The bigger wheel and brake fairings that Cessna and Piper introduced in the mid-late 1970s do make a significant difference in speed -- maybe 5-6 knots on a typical C-172 or PA-28, compared to 2-3 knots for the older styles. But they make it even more difficult to inspect and service landing gear components. The question about wheel fairings (and retractable landing gear, for that matter) becomes, will they ever save you as much time in the air as you spend fussing with them on the ground?
Wheel fairings were not even available on Cherokees until the Cherokee B of late 1962, and even then they were only standard on the 180 hp model. The bigger factory fairings, introduced in 1978, were never available for the Cherokee 140, which was discontinued in 1977.
It depends on the mission and operating conditions, too. I'd leave 'em off for operations on unimproved surfaces, snow, mud, ice, etc., where the fairings can get gunked up.
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My C-172N had the big wheel/brake fairings, as does my current PA-32. On both, you have to access the tire valves through little knuckle-busting trap doors, and push/pull the airplane fore/aft on the ramp to line up the valve with the trap doors.