I've been ineterested in fairings for upright bikes for a while. They have them commercially for recumbants, but I havent' found any for uprights.
I read somewhere (can't find the reference) that someone used a shell around a bike in racing in the earlyu 20th century and trounced their comp[etition, but then fairings were outlawed in racing.
I'm thinking you could have a little, light plexi shield of maybe 12-18 inches diameter on the step/handlebar that could really cut wind resistance. With good engineering, it could probably stabilize steering (and with bad engineering, destabilize it).
You would have to take particular care to deisign it not to be murderous in a cross wind.
You could maybe make some trailing aerodynamic that would provide a waterproof, lockable storage space where the lessened wind resistance would partially make up for additional weight. To make it light would probably be expensive.
Bicycle Joe has a homemade fairing that he has a small stereo in. He reports that the windstream blocks out the sound around a person (even with the stereo off) to the point where it might b e a detriment to safety.
The bike in the pic might have a lot of aerodynamic potentials, I dunno. It looks to me just like a pretend motorcycle. But then, I ride a bike with fenders and high handlebars that looks like a overgrown 11 year-old playing motorcycle cop, so what do I know?
The bike in the pics looks unridable in a crosswind, though.
Mick