Make everyone happy, fenders on one side & fenderless on the other. If you already have them, I say go with the fenders.
I am also very much for fenders, but how can you make a good decision with the rear wheels so far up in the wheelwells? I'd get that right before I made any hard and fast decisions.
I vote for keeping the fenders and bumpers. I think you would tend to drive it a lot more and a lot further with both. It will look better with the fenders in my opinion and a little bit of rain will be no big deal on a road trip.
Been thinkin' about the same thing. I'm picking up a '36 Four Door Sedan this Friday. Fenders have some wrinkles, but should be workable if I decide to keep 'em. Personally I like the look of a fenderless sedan, but won't know about four-door proportions until it's sitting in the garage.