I actually just recently removed my airbox and am extremely happy with the results. I get slightly more turbo noise, maybe a 50 deg. drop in egt, and about a pound or two more boost at wot. I just pulled the airbox out and let the air filter rest in the same position. About the only thing I'm worried about is that it may bounce around a bit, although it doesn't appear that it's a problem so far after about 100 miles.
I think we may be talking about apples and oranges when comparing the air filters on 1st gens--at the very least, I'm almost certain I've read that the '92 uses a different air filter setup than the '93.
On my '92, the air filter is a cylinder, similar to the BHAF, but smaller in diameter, and mounted by the coolant overflow bottle on the passenger side at the front of the engine bay. In this position, I don't believe there's anything at all to worry about regarding drawing warmer underhood air, vs. cooler outside air. It's not like the front of our trucks is airtight, forcing air to be drawn from the rear over the hot exhaust manifold. Air, like anything else will take the path of least resistance (anyone here use woodstove?), and more of that air is going to come from the front especially when the truck is moving.
Mike