Well it actually does gain MPG and HP (more)
The idea is to use a sort of funnel to force air right over your conical filter and into the MAS and TB.
With my old 2.9L I had it setup pretty well, never had a problem with sucking up water. What I did is cut a 4" hole in the radiator support using the factory square intake location as a starting point. Then I used a 4" PVC adapter to mount a 4" piece of dryer hose to it, the 4" dryer hose (heavy duty black rubber, not the weak white stuff) then is routed to the air filter. At the time I was using a 7" K&N cone on the ned of a homebuilt 3" PVC assembly coming off the TB. The pictures make more sense.
Basically it sucks air in through the 4" hole just below and next to the pass side headlight, the air travels up the cold air feed tube (4" dryer) and right up over the tip of the cone filter. Right through the filter and into the TB.
I noticed massive gains in power with this setup! Especially when it was cold out. It really helped me take advantage of my ported intakes and massaged TB.
Now I have ditched the old tired 2.9L in favor of a 94 4.0L.
For now I have the 4" cold air feed tube running right into the modified airbox with a K&N drop in. It works pretty well but eventually I plan to run a setup similar to what I had on the 2.9L. I'm planning to make a 3" steel intake tube to go from the TB to the MAS, install a K&N cone on the MAS and run the 4" cold air feed right over it, however this time I think I'm going to use a hood scoop as my source for cold air. I will make it detachable so it wont get wet in the rain/snow.
Some of the ram air kits that are made for Mustangs actually produce BOOST at higher speeds!
With a ram air setup the main problem people have is sucking up water, so this is your main concern with the design.
I noticed a slight gain in power but this setup combined with Bosch +4 plugs and wires gained me 2 MPG!!!!!!!!
Click on my URL to see the pictures:
http://www.geoctities.com/soho/cafe/7030/personal.html