That inside-out edge turnover could be covered with neoprene, Dave, perhaps?
The S1 roadster has an intake box sealed against the inside of onee bank of innies, doesn't it? For cars without intake boxes located there, what is the purpose of the side louvres at all? Indeed most of the side or top louvres would tend to let air out, reducing the pressure in the underbonnet area, and so reducing air flow into an airbox fitted there e.g. in the cowl above the rad. Perhaps the reduced louvres on my 4/4 are the better design after all...
...So I surmise that the louvres are a hangover from the days of inefficient radiator designs when passive cooling was the prime consideration, not optimal induction airflow for maximum power and efficiency as now. As such they have become a styling device, rather than being functional. Anyway the whole under-engine area is open to the air.