It's not intended to be a ram air system, but to supply the air cleaner with cooler outside air so that the temp sensor in the air cleaner can better regulate the air temperature entering the carburetor.
Yep, dead on (HemiKiller & Doug's 73 Mach 1)! And, for the "real" Ram Air setup with the underhood plenum where outside cooler air is fed to the carb, this is not a substitute for, or even a junior version of, a forced air induction system (turbocharging or supercharging). Any outside, cooler air coming from the cold air or Ram Air systems that is in excess of what the carburetor allows to pass through it, gets dumped out the Air Filter Housing inlet. I have not ever seen demonstrable evidence that Ram Air does anything significant with engine performance. It does let the sound of the carburetor being at Wide Open Throttle become much more evident, which may give the impression of greater performance. But, in reality, especially at street speeds, all the Ram Air system does is get cooler outdoor air into the carburetor - which does have some benefit to performance, but nothing all that terrific. But, if nothing else it looks great, mean, with much the same effect on performance as racing stripes provide. That said, I happen to like racing stripes and tasteful bling (hood hold downs, rear window louver slats, front spoiler, rear spoiler/wing, nice wheels and tires. When did the restoration of our 73 Mach 1, which already had the front spoiler, hood blackout, and Ram Air (it had the NACA/NASA hood, I just opened up the scoop blocking plates, added the air plenum, and activated the vacuum doors). I added the rear window louver slats, rear wing, and Dzus Hood Hold Down units. Why? Because I really do like the full look of a Mach 1 from the early First Generation Mustangs - a lot. So what if the stripes, spoilers, rear wing, and Ram Air don;t do anything of substance, epecially at local roadway speeds. If nothing else it looks good, even standing still. Oh, nostalgia!