I think it is a great idea but not much of a performance increase...it is a fact that cooler air will make more HP but the problem with the LTR is not enough air. I would think a nice combo could be the top 2" of your box removed and then the heat matting on the rest of the box...but you are still limited in the size of filter you can run.
IMO, the ideal setup would be removing the box and installing a larger filter...then, add some sort of heat shielding around the pipe to keep the hot air away...I think several of the members are doing this or have already done this on their LTRs.