Yeah, Al - I know the intakes dump air into the engine compartment. I suppose the idea though is to use that air exclusively for the intake, rather than as "common" air for both intake and cooling.
Generally though - my contention is that both (intake and cooling air) are generally starved, and that just getting more fresh air to both would be a huge benefit to us. Holes in the bodywork are not going to be for hot air egress, though - all the hot air is going out the bottom or out the tailpipe (for all the reasons I listed above) - holes on the intake side are for supply air. It's no secret that popping the deck-lid an inch or two makes a pretty significant difference when losing control on temperature, and absolutely everybody knows how much better an engine runs on 50 deg morning rather than a 95 deg afternoon.
When it comes to cool air, both to the intake and the cooling fan - more really is a lot more.