cool air vs engine compartment air

just how much more effecient is the engine when aspirating cool air instead of the hotass crap that stays in the engine compartment? I was wondering if I could do this to my t-bird to get a little extra power out of it and increase combustion effeciency.

Pull the air silencer out of the right fenderwell and if you are so motivated, get or make a cold air intake relocating the filter inside the fender.

Cold air is denser which allows for more air to be involved in the combustion which produces more power. I would say it is worth it.