Bringing it back from the dead LOL.......
Top mount would be very tricky. I remember when I made a cold air box with naca duct mod on my hood when I first had my Protege. Great throttle response with an SRI and had cooler air coming in. Like many have stated, room will be the determining factor as well as the heat. If one is willing, go for it, I would like to see it done. One mod that will have to be done is a higher hood for sure.
As soon as my MSP is up and running, I will be planning the same as atila, air to water IC. After seeing a members car here( cant recall who it was ), I was instantly hooked. Great concept and different.