Well guys, here is what I think...
The brake vents redirect some of the air that is going above and below the TT arm (or the normal arm). This air is redirected upwards into the wheel arches and NOT towards the brakes/discs. So it makes no sense to remove the dust shields especially because my car is a daily drive.
But, the larger amount of air going into the wheel arches creates a higher pressure in the wheel arches. Because to the outside of the care the pressure is lower and since air is always traveling from areas of high pressure to low pressure, the brake vents might just make sense.
If these are not enough I will install some brake vents taking the air from the front bumper (similar to NeilM). If this is the case I might consider removing the dust shields.
Guys, please correct me if I am mistaking in my judgement.