Well, if your were to take out the kickpanels, you'd see what loks like a small channell that the accumulated water is suppose to run out of, what it looks to be correct to me anyway.
As far as the smooth cowl, I filled one panel in, but didn't like it much, so I copied the old vacuum actuated chevelle cowl doors, so as more throttle is pressed, I get more inlet air. In theory it works, haven't had it on the road yet though