I've thought about the cold air vs fenderwell vs this vs that a lot. And have done some testing on identical cars. Thing I found was sitting still, you heatsoak and get hotter temps to the intake, no matter what system you have. I watched a true fenderwell intake heat up the same as a stock airbox intake. Then took longer to cool back down. Thing here is.. what type of driving are you doing where your horsepower matters. Are you sitting still heatsoaked at lights? There's little that will help. If you are cruising down the road, your under hood temps won't be crazy and therefore whatever setup you have, they'll all be relatively cool. The slight differences we may see rolling down the highway at 50mph in an FWI was cone on a TB will be negligible for our desires/spplications.
On the exhaust. Around 300whp you'll want to get it opened up a little and free things up. However once you get around that power, you will have created a zero traction car and it'll be fun...but tough to hook up from a dig on the street.