Looks decent, but technically that's not a "cold air" intake...it's a "hot underhood air" intake. Ideally the cone filter should locate in a box fed with cold outside air and sealed up from the hotter and less dense underhood air.
2.72's bring the ghey with 33's too. That's what my K5 had when I first bought it. I had to use granny gear just to get it moving, and attempt to start in '1' created brutal clutch chatter.
Rene