CAI is a great idea and I am working on something for my car at the moment.
My only advice would be that if (if it ever rains again) you drive through a large puddle (not necessarily as deep as your pipe either) your engine may ingest some water and suffer hydraulic lock. Probably try and get the intake as high as you can to prevent this from occuring.
I have seen the aftermath of a 4AGE that swallowed some water, not good, and the CAI inlet hose was in about the same position as yours too.