-
The head tube is right out there in the breeze, and a circular cross section is really bad for your aeros. Almost anything you do to the leading edge is likely to be an improvement.
Trailing edge, surely? A teardrop shape is as aerodynamically efficient as it gets, with a rounded front end and a pointy tail. If you look at any fast road or TT bike which has had wind tunnel time, it'll have a rounded front edge on the HT and then a tapering section behind it.
The majority of the drag doesn't come from the air hitting the rounded front of the head tube - it comes from the vortices from the trailing side of a round tube which are eliminated (or at least substantially reduced) by a tapered trailing edge.
The head tube is right out there in the breeze, and a circular cross section is really bad for your aeros. Almost anything you do to the leading edge is likely to be an improvement.