With the exception of old muscle car shaker hoods, most hood intakes are used to provide air to intercoolers. When you look at stock or semi stock, if there's an intake it's on top of a supercharger or velocity stack, normally tall enough to take advantage of some of the additional cool air. I think the placement in this application would provide some cooler air, my only concern is what shape it'll be in when it gets down to the engine compartment.
You do get the added benefit of the snorkling effect, provided the path is well sealed all the way to the intake - however the biggest problem most people drivng thorugh water in the VX has experienced is a failed alternator. Something about the water getting inside the wiring components - read some of the threads of the Ocala off-road meets. You may want to do something to shore up and waterproof the other electrical elements under the hood if there's deep water in your future.
Kudos on trying something different - whether it works the way you thought or not, at least you're doing something about it instead of talking. Tone may not have approved of what you're doing, but I'm sure he'd be on board with the attitude behind it.
-- Best, John