dude, the only way that you'll hydrolock is if you take your accord out for a swim. I had my CAI for over a year and i had no problems. Putting a bypass valve on a CAI is pointless, might as well get a short ram because it'll be the same thing.

CAI: 3-6hp
CAI w/ Bypass: 2-3
Short Ram: 2-3

I don't think it justifies getting a CAI if you're getting a bypass for it. Might as well save almost 100 bucks and by the short ram.