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might that concept work for the front as well ?
I would think so. I was already thinking down that line.
For your every day average street driven 914 there may be some foreseeable disadvantages. The main one I'm thinking is; "debris". As with any brake cooling system you have to be careful with small stones and rubber from the track etc. Maybe a screen.
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This may be a dumb question but... would fiberglass hold up there?
I don't think that's a dumb question at all. I just threw that out there but, I'm not sure "if" glass would hold up there. Look closely, on almost every pair of these rear shields I've seen, that rear hole is cracked. I'm just going to put a washer on there and bolt them back on. It's possible the cross stitch nature of glass cloth may alleviate this... maybe not?

That said, there's plenty of glass shields out there, even some carbon fiber varieties.