what are the benefits of swapping my throttle body and intake elbow and CAI for a foxbody set-up? I've heard that it makes the car run better but I'm looking for a more detailed description of what the benefits are and why people do this conversion.
Speaking from my own experience, Throttle response was better, idle was smoother (no hunting). Bigger, less expensive throttle bodies are possible and more to choose from. Also improves asthetics of the engine bay for most. And you don't have to throw down almost a 100 bones for an elbow adapter to make aftermarket intakes work!
You can use either one you want. I used my 95 style MAF for mine. I'm thinking 4.6 cold air intakes will work for this setup with a little modifications.