+1 to K&N drop-in.
Cold air intakes were the stuff back in my Honda days. Of course, fart cans and stickers were held to about the same level and we all know what those did for power, LOL. At best, a CAI yielded an extra 2-3 horsepower at peak, which on those engines was north of 5,000 RPM.
Magnums in stock form don't like to rev much north of that. So, at around 3,000 RPM, you'd probably gain about the same power.
The V10 would probably pick up a couple more, so I'd estimate that you'd gain 5 horsepower at around 3,000 RPM.
Running like a daily-driver, I very highly doubt you'd notice much difference in power. You will probably have noticeably improved throttle response, however not much more than if you simply went with a K&N drop-in.
Couple hundred bucks for a bit more throttle response is a bit much I think. Me personally, I swapped on an open-element air cleaner which allows more direct airflow into the manifold, though this if offset by the fact that it is drawing in hot air from the engine bay rather than the cooler "fender feed" air. My throttle response did improve, but nothing noticeable in actual power increase.