To further comment on Mikes answer, I have in 99 and 00 when I switched to a N/A engine in the Merkur. Qualified and set a some records with this set up.
I do not have specific inlet air temperature, but another racer whose system led me into it claims ~40 degrees f. It's free power and I'm surprised that more people are not using it.
In the lakester, I initially designed a air/icewater system placed under the HDRA (High drag, ram air) scoop, and in testing it only showed about a 12 hp difference. (without the ram air).
With my change to methanol and considering the power sucked up by 1 sq ft of frontal, plus the drag of that scoop, I have removed it and changed to a more conventional intake plenum/air inlet.
This system should be a net gain. Time on the salt should tell the story.
Rick