elma22, that test is interesting, but I think the flaw with it is the fact that the car is sitting still on the dyno. When you're moving, air is flowing through the engine bay and able to remove some of the underhood hot air.
There were two points that I was trying to make. The first is that the stock air box flows as well if not better with a K&N panel filter than an underhood conical. The second is that any gains you see from a cold air kit come from the less turbulent, rigid intake tube as opposed to the location or shape of the air filter.
The stock airbox, by the way, is a cold air induction kit.
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351W 89 Mustang GT Convertible