3/8 spacer here too and stock hood. the air tube thingy on the TB just barely touches the underside of the hood. also depends on the motor mounts as well.
I am running a 1 inch and it works as long as you cut out one of the cross braces on the right(driver) side. I found out the hard way and it rubbed the intake on one of its fin things on the front. But yes, It will work with a 1 inch spacer and street heat.
Kevin