I'm getting ready to install a new fairing kit. Do I need to put the pads/foams on the inside like the oem's? I'm thinking it would run cooler without them. Are they to keep the fairings from rattleing or keep down excess engine noise?

 

Could be... also to maybe keep heat off the plastics as to not warp the paint and plastic/stickers... try some 3m tape instead if you wanted to go minimalist (is that a word even?)

 

This^^

If you dont use some sort of heat tape, you can experience warped plastics and the decals can shrink and fall off. I'd definately suggest at least running some heat tape. Its very thin and has a heat reflective backing on it. You should be able to pick it up at any autoparts store or even places like lowes or home depot..

or maybe some sheets like this:

http://cgi.ebay.com/ebaymotors/HEAT-...Q5fAccessories

 

+1 to heat tape.

I had to throw some on my stock lowers after they started to show signs of heat damage.