Thing with the BPV is, it only actuates when there is enough pressure loss in the pipe to do so. A motor does not hydrolock from a few splashes of water. The only way water can get through the filter element, up the pipe, and ingested into the motor is when its submerged. IE when the bypass valve would actuate. Anything less will vaporize if it even gets passed the filter.

The BPV used to get knocks all the time for "only opening when the filter is submerged", but that is the only time it needs to open. As for it losing power, I dont buy that for a second. The CAI itself doesnt make gobs of power, how is a little piece in the middle that cant realistically disturb flow much going to rob power?

If it were me, Id get a SRI. One, dont have to worry about water at all, 2 the throttle response, 3 whatevers cheaper, if you get your shit together it'll come off anyway once you realize you should just boost the car