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Personally,I would never do that to my F-150.The Cold Air Intake is pretty much "bling" and its been my experience that they pretty much do nothing. Now...with that being said,I have heard on this site something about a "Gotts Mod". This is an alternative to retail CAI,s and from what little I know on the subject,most here think its a good idea.Im sure someone with knowlege about this "Mod" will chime in.
Good link Charlie. I was able to view it without joining.
DrillerTom, you'd be better off spending the money for the CAI, on a nice hand held programmer with custom tunes. Look at Power Hungry Performance, or 5 Star Tuning. $300-500 depending on your tastes, and likely the best bang for your buck.
Good choice! If for nothing else, the tuning to quicken the trans shifts is worth the money. I haven't gained too much in the ways of MPGs (maybe +1 overall) but the new torque curve and shift schedules are nice.