I was actually shocked that it was a question whether or not an air duct like this would be effective. I had my filter located underneath the headlight in my other Supra and even just moving it out of the engine bay made a huge difference.
As I mentioned before, the turbo Volvos I used to have were especially crippled by hot intake temps. They actually suffered big power loss by running an open filter under the hood.
From a common sense standpoint, the only way that cooler intake temps wouldn't matter was if you could somehow set up a system with excess cooling capacity. That's clearly not going to happen in a Supra (unless you happen to be in a very cold climate all year long). Even then, depending on IC efficiency, you may still benefit from a colder intake charge.
Even with an upgraded IC, the intercooler efficiency is effected by the ambient temperature. As long as the ambient temperature is cooler than underhood temps (read: always!), it will be better to direct cooler air from a CAI rather than the hotter air in the engine bay.