all my testing to this point is via seat of the pants...I'm not fast enough to bother with sweating the details, no disrespect intended.
I have had a stocker then Banks and currently run a water to air cooler. The Banks allowed the system to recover a little faster and spin a little easier, I belive through less restriction. The Banks IC had larger IC pipes IIRC as well.
This makes me think, had i tuned to it, i could have gained some HP through flow and a cooler intake charge. IIRC (been over a year) the biggest problem as i remember was the IC is behind the radiator, condensor and trans cooler... it saw hot air and is a big aluminum heat sink in itself.
If money and fab isn't an issue water to air is the way. The air can go straight in and straight out, cooler medium with less pressure drop. At this point my truck, with water to air, grabs RPM/better throttle response than it ever did with Banks or the stocker. If this truly works i should be able to make more power with less effort.
Good luck with whatever you decide.