Does this bumper have sensor or fog light cutouts already machined?

Factory sensor mounting provisions are built into the mold, so OEM sensors will locate correctly. Fog light areas are solid — you'll need to cut openings if your setup requires them, or drill and route wiring through the existing channels.

Will this fit over the lower valance or air dam?

This is a full-coverage bumper cover. Verify your existing lower bumper bar and splash panel clearance before ordering, as the F-1 profile may require removal or modification of the OEM valance depending on your car's current state.

What prep is needed before paint?

The surface ships raw FRP, which means light scuffing and a guide-coat inspection are recommended to catch any mold imperfections. Once you're satisfied with the finish, apply primer and topcoat per your paint system's instructions.