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Interesting... most people cut a hole in the radiator shroud to draw in fresh air from under the car the same way the Calloway Honker intake.
I think its better to do it how that article shows, although you'd want to open up your fog light openings to let in fresh air like a Z06.
In any case, I think this DIY method is as good as any $300+ intake that you'll buy. If you go this method, just make sure to buy a K&N style filter since you're exposing the filter to the elements, and the paper filter can get hurt by water hitting it whereas a K&N style filter is waterproof.