tl;dr: Yes. In general, a good heat shield can usually beat a relocated intake in performance, price and complexity.
We've discussed the benefits of cool dry air many times before. I'll summarize the cool air side of things by citing the ideal gas law again and reminding you that what you really want are more air molecules per intake gulp. Cool air = more air molecules per unit volume = more potential for combustion.
However, Grassroots Motorsports just published an interesting article on the design of air intakes. The main thrust of their investigation was that, to get away from engine heat, you'd need a fairly significant airflow path to reach from the intake manifold to the new filter location. They set up a test rig and tried some representative piping to see what effects that would have on the net cubic feet per minute (CFM) of air reaching the simulated manifold.
I don't want to spoil their article (it's a good read) but I will say that they were able to cut airflow in half by creating what sounds like a cheap and cheerful front-mount intercooler equivalent. That's going to be a disappointment, no matter how much lower the temperatures are.
They also cite the benefit of a heat shield, which I can second. My favorite intake on my old Integra was a cone filter in the original panel filter location, hidden in a thick plastic box with a snorkel running down the fender. It gave me the benefit of a short intake path, prevented a lot of heat soak and I never had to worry about water ingestion.