It would work assuming you had a better quality designed airbox assembly. Your biggest problem will be moisture build up from the cooler air. This could be a serious problem in humid regions.
If you had a pipe arm that was designed to remove the heat from the incoming air. Like a 3in pipe sleeved in a 3.75in pipe, and that .75 difference was filled with the coolant (freon) and the inner 3in being the actual incoming air, it would work.
I wrapped my CAI with a towel, and use plastic bagging to help hold the ice cold water in the towel. I felt a slight difference for the better, but my primary problem was keeping the engine heat from evaporating the ice water.:ghetto:
Try that and see for yourself if you think the a/c compression requirements would be less than the gain from the colder air.