How do you figure the intake is a waste of money. Probably the most bang for the buck mod on an early 4.6L engine there is. Where else can you pick up 30+hp for around $200? If anything, I'd say the headers are the biggest waste of time and money in that equation. You'll gain next to "zero" horsepower on a NPI engine with headers and mid pipe alone! The exhaust ain’t coming out any faster if you're not getting the air in there to begin with!
If it were my money, I'd do a PI intake/Cam/Tune/Gear swap all in one shot, then start saving again and go with the a Centrifugal style blower next.