DP, if someone with a knowledge in physics or whatever would back me up on this, but when you cool air it becomes more dense?? So after IC install you'll have basically the same amount of air entering the engine, but cooler and denser. Cooler the air= more power. I definately noticed a power increase. At 37psi nonIC'd it was mostly HOT air. After IC install plus pdr hx35-16, had around 34psi and a noticeable power increase.
Worth it? - well you'll gain more power, more useable power for towing, and the obvious lower egt's. For that price, as long as it holds air within spec, its worth it. I already told you if I were to do it again, I'd get the Banks kit. But live and learn and I understand the money issues. Since you already have the stuff you need, minus cooler, its worth it IMO. You will be impressed. If you want power, you're gonna have to cool the air someway or another.
MPG's- on my truck, it hasn't mattered what I've done to it, IC, turbo, lift pump, mod pump, injectors etc, my mpg's have remained the same 18. 5 city, 19-19. 5 highway. That doesn't mean you wouldn't gain mpg's. I'd say in theory you would. They always say you should try to keep your boost below 10psi and egts below 650* for best fuel economy. Well nonIC'd running on the highway flat ground not stock you're probly not gonna see 650. . maybe down hill off the throttle.
MPG's2, how much does a 3. 54 ring and pinion run compared to this IC? If thats what you're after, better MPG's, I'd say you'd get better fuel economy with 3. 54's nonIC'd vs. 4. 10's IC'd.
At the very least, your pistons would appreciate the cooler air

.