Never flew a 31", but routinely fly Cubs with 26", open gear legs, leather rubber band covers, etc. I cannot feel the drag down there. I can see it, though, on the airspeed indicator in cruise - the PA-11 gained ten mph just bv covering those rubber bands, enclosing the engine, and changing the windshield and lift struts. That is quite a bit of drag reduction at Cub speeds!
Cover them, but use the heavy stuff, make it tight, and use good surface tapes. The right gear leg will still crack out after a few years, near the step.
Someday I will put the tin cans around my rubber bands - maybe with leather outside of them for authenticity?