Allowing the exhaust manifold to radiate heat into the engine bay should marginally cool the engine. In effect, the exhaust would be acting as a small radiator, removing the heat from the engine. Having a hotter exhaust manifold would conduct the heat back to the engine since it is directly connected. Perhaps the reduced efficiency of the radiators due to a hotter bay would negate this though.
At any rate, having a warm air intake seems silly to me. You could just be more gentle to the skinny pedal and get the same effect.
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