Ken, don't get me wrong, it will breath much better than the factory airbox. I have no issues with that. And if you fabricate a shield that will mostly seal against the fenders and hood plus route a duct to the shielded space fron the outside it will work. If you do not use the shield and a duct than you are just making it easier for the motor to suck in very hot air. Lots of hot air does not make for great increases in power since the PCM will pull out timing when the IAT reading goes too high.
I live in NJ and have seen summer underhood temps sitting in traffic in the supercharged stang pass 195 on a remote temperature probe. (95 deg outside 98%humidity and the AC on max), Mean while my IAT was reporting only 105 deg because it was getting fed air from just under the front bumper. Even after passing through the supercharger (off boost), another remote probe only read 165. I never got readings after the Air-to-air intercooler, but I don't think it was absorbing much heat from the intake charge with those underhood temps (it might have even been heating the charge when I was crawling in traffic)
I intend to get a full tilt CAI with the filter tucked in behind the bumper way way away from the underhood BTU's, when I get time and $$ (the trans swap comes first). But until then I'll keep the factory airbox with a clothes dryer flex duct as its feeder.