I doesn't make any difference. During recent tech dickery at the track, we had to duct tape the entire hood closed (to stop any purported "cold air induction" the hood may have been allowing), so the 350 was drawing air straight off the top of the headers. Absolutely no difference in lap times-- not even a tenth. We started the day 2/10 quick with an open cowl, and finished the day 4/10 quick fully sealed.
Unless the OEM intake system is unusually restrictive (and the tC's is pretty straightforward), a CAI/SRI won't do you much unless used in conjunction with other mods that require more airflow-- forced induction, for instance.
So long as the tubing can supply max required CFM at WOT + about 10%, the configuration of the intake tubing itself is a minor concern. Look at cars that generate any decent amount of power: the temperature of the charge air is relatively unimportant (up to the point that water injection must be used to retard serious pre-ignition). Volume is infinitely more important than temperature, and if you've done no other mod to the motor to call for more CFM, you won't take advantage of it.