You are correct, a better option would be a cold air intake. There are a couple reasons this car was done this way. If you'll notice, the engine compartment has been completely smoothed and painted. The removal of the AFM leaves an unattractive bracket. Due to time constraints and this car being a show car first, it was done this way, in part to hide the bracket (sits directly under the filter). Next winter's project is to relocate the battery, remove all excess bracketry, and re-spray the compartment.
I might argue that, depending on where your 'at' right now. If you are currently injected and using an OE manifold, you'll notice power dropping off pretty seriously by 5500 rpm. The manifold is the leading contributor. Runners are *tiny*. Even on a bone stock L28, this manifold would wake up the top end. A couple 'gotcha's'... you will need some sort of programmable EMS as the factory L-jet would be 'lost'. Valves *will* float with stock springs. Right now, this motor, with a mild cam and matching springs, is pulling to 7300rpm... where its beginning to float valves. This manifold wants to spin! See where I'm going with this?... the issue will become one of mechanical limitations. If you address those, even on a stock cam and head, I believe there is plenty of room to justify a manifold upgrade.
Just my dos pesos.