If you get an Evo hood, then the AEM would make it MORE likely to catch water if you have a CAI, because it's just like an extra filter that sits before the MAF, and makes it so the CAI will act like a straw with holes in it; IE, no accumulated vacuum, so it can't draw the water all the way up into the engine.
However, this also means the engine is drawing it warm air from the bypass valve normally, so you may as well go with an SRI, in my oppinion. They aren't normally drawing in air, but they do anyway, in my experience.
In summary, the Evo hood, if it lets in water, and soaks your bypass valve, then it'll get in that way, since it's in your engine compartment.
I think I covered everything! Hope it helps!
