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There are 3 pieces to the front air dam system. Being a bottom feeder air supply to the radiator the Center air dam direct air to the radiator. The C5 Corvette was made to pass emissions so the engineers used a higher operating temperature to make them car applicable to pass 50 state emissions. This was done by having the ideal operating temperature at 226F. Without the center valance it will easily exceed 235F with any spirited driving and the lower the front of the car is (most owners lower the Corvette Ride Hight for looks, increases the operating temperatures. The two side valences are for better airflow while driving fast and less pressure build up in the engine bay.
You need a center air dam: this is how air gets to the radiator, and they're $80ish on eBay or Amazon. You might need extra parts or bolts depending on how many things are missing on your car. The stock ECU turns the fans on at 235F: this is fairly high but don't be alarmed if it hits 235 and then drops back down. If it goes over 235 and keeps climbing you have a problem and should let off before it overheats.
The outside air deflectors improve mpg and aren't needed.
I pulled my two side deflectors ~20 years ago because they significantly altered the smooth lines of the car and make it look goofy in my opinion. Yes, they are functional with air deflection which helps improve gas mileage but aesthetics is king for me and the car looks way better without them.
Of course, keeping the central air dam is mandatory but the side air dams were an eyesore to my eye they were yeeted many moons ago.
The middle air dam is 100% required. Without a dam, the air just flows past the radiator opening. The air dam forces the air up and through the rad. Without the dam scooping the air in, you'll heat quicker, and the fans will run more, both of which are not good situations. Fans running constantly draw a lot of power and causes wear on the charging system. alternator must run at high output to keep the voltage up which heats up the wiring, the alternator winds, brushes, voltage regulator. and also robs fuel efficiency, etc. etc.
Most of my miles are open highway, and on a 95 degree summer day at 70mph, the temp rarely goes over 205-210, the fans never turn on. then I hit town and the temp shoots right up at a red light, and the fans come on. As soon as I'm moving again, temp drops to "normal", fans off, proving that the air dam is doing the job.