What are the advantages and/or disadvantages of having a little rake in the front? What would be best for a car that is going after the best handling setup? My understanding is that a little rake is to help the airflow under the car and around it, but I'm not sure of the details. If you know from experience, please chime in. Thanks.

For a race car, sure rake is somewhat beneficial. For a street car with a weight distribution of 60-40 or worse, you are just going to shift the weight forward more, which is not beneficial. Street cars, unless very seriously prepped, would benefit more from a balanced and corner-weighted suspension setup rather than adding a little rake for downforce/airflow purposes.