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From: Graceland in a Not Correctly Restored Stingray
You are more correct than you know about cold air induction being beneficial.
As far as methods, cowl induction setups such as those mentioned by Solid LT1 would seem to be more "correct" for C3's from 68-75. After that, the factory began ducting cold air to the breather from the nose just above the radiator. If you don't want to change hoods, you might look into adapting one of those systems, if there's room. Myself, I like the L88 setup.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.