Originally Posted by Mercury

All engines will work better with cold air intake. The air is denser the colder it gets (same reason planes fly around 36,089 feet, it is at the bottom of an isotherm..). Other evidence to this is the pocket-rocket tuners try to draw their air from outside the engine bay, it is also the reason that intercoolers work.
There is a much more complicated thermodynamic reason, enthalpy/entropy diagram and stuff, but I drank a lot of beer since college, and I am pretty sure those brain cells are dead now.
That said, what kind of cold are you concerned about? what is the temp like at the engine intake? The internal routing will warm the incoming air up some.