A flap is not needed at all on the back fender for you, but will be
definitely appreciated by those sitting in your draft, and even off to the side (depending on the wind direction) during or just after a heavy rain storm.
Not much to be gained by having the front edge of the rear fender extend below the chain stays, and, depending on your type of rear dropouts and chain stay length, the lack of this extension will help a little with rear wheel removal/installation for a puncture.
A front fender flap will be appreciated a lot by you to help keep your feet dry and much of the drivetrain too. They can catch some wind, though. I think they are worth it and have one on my bike most of the year, but notice a slight improvement in summer when the front flap is taken off.
[FWIW, there are fenders on my bike year-round, but the flaps are more seasonal (at least here in our coastal California's climate.) Lois, OTOH, likes to only use fenders if the rain is heavy; she says they catch wind. With her extensive randonneuring and winter riding experience, I'm not going to argue the point. Then again, we get most of our rain from November through March, so riding without fenders the rest of the year usually works out. Riders in different regions with different climates will have their own feelings about fenders. I just hate being caught in rain without them and am willing to use them when it is dry. Doesn't bother me a bit, but YMMV.]
Sometimes I use a black rubber/plasticky carpet runner material from the hardware store and my own mud flaps. Works fine, easy to work with, is inexpensive, and weighs less than leather. I attach them with small zip-ties after drilling a small hole on either side of the fender-- easy-peasy. I also have a few NOS Bluemels white vinyl flaps from the 1970s that are still in use by Lois and myself on some other bikes. They are my favorites but obviously pretty hard to find, but they are the size and shape I like best and cut the carpet runner to mimmic the Bluemels items. IMHO, flap material doesn't matter too much, so long as it is flexy, but not too flexy. Something pliable is good; stiff is not.
Something reflective is highly recommended too. RUSA, SIR, SFR have had some nice reflective mud flaps made for their clubs that I have seen at various events, and online in the RUSA store. Having driven nighttime sag on some brevets, just having them as reflective devices for motorists to see at night seems like a good idea, rain or not.
Bill "Fenders R Us" Bryant
RUSA #7
Santa Cruz Randonneurs