sailquik said...[
Maybe not. The biggest component of water drag is still probably the fin. Hard to do away with that.....

I'm up for an argument over that Sailquick

The total board/sailor/rig system is about 100kg. Gravity never gives up so you always have to have 100kg of vertical lift. If you look at equilibrium of the moments and translational forces of the system in typical sailing configuration you would estimate the lateral force to be provided by the fin at about 50 kg. (assuming board contributes none)
The sail raked over head might direct a bit of its lift vertically ~ 10 kg. The aerodynamic lift on the nose .... is still board lift.
So with the fin developing roughly 50 kg of lift and the board 90 kg the relative drag gets down to the lift to drag ratios of planing hull vs fully submerged foil.
At low speed where control is not an issue hydrofoiling moths and windsurfers out perform the planing hulls. This demonstrates that fully submerged foils have better lift to drag ratios than planing hulls. Lumping drag even more with the hull.
I'd thus argue that hull drag is about 3-5 times that of the fin drag.
Even a small reduction in drag results in a noticable speed increase. Hulls generate lift pretty crudely compared to fins, for a hull of given width the subtle differences are more directed at improving control. Fins are pretty complex and the fine details do affect drag to a greater relative degree than the details of hull design. Hence fins are the focus of attention in drag reduction.