That can work, but two things to consider:
1. Adding more piping can actually lead to "resistance", and limit your air flow.
2. If you offroad or like to take on big puddles in your truck, having an air intake low down is not a good thing.
Cold air induction can help HP a little, but it's not a major adder. Ram air is about useless unless you're going pretty darn fast already, so I wouldn't count on much from that effect.