I'm in the minority, but I don't think you'd gain anything with the Air Gap over the GM Performance intake which is a rebranded Edelbrock RPM intake,..my opinion.
But agree with the thoughts above,..decide what your purpose is, rear gear, and rpm range, and cam up if you need to.
Keep in mind, GM put a lot of effort and testing before they selected components so, off the shelf, you'll have a good strong reliable engine.
Also, once you start adding HP to the 502 (rated at 502HP) lots of stuff on the car might need to be upgraded:
Tranny and clutch, driveshaft & u-joints (w/1250's), axles (borderline), subframe conncectors, engine mounts (stockers would be borderline), fuel line (3/8's is borderline), 3" inch exhaust system, cooling system, etc.
But I still think it's worthwhile,..and you'd be surprised at rev-ability,..it'll spin to 6000 with ease.
Good luck!