ya man go with the cold air intake, i just posted a article bout this and mosta what u want to know is there. With the cold air intake its not essential to use a bypass valve. But on the opther hand, u might want to consider keeping your stock air filter anways to swap when winter comes (if snow is a problem where you live, im in MN!)
Check this
http://www.automotiveforums.com/vbulletin/t122840.html
this will explain everything u wanna know!