Hey man, I live in Florida also and i have AEM cai on my prelude. No bypass valve and no problems. If you still have the splash shield under your car you'll be fine. I wouldn't bother with the extra money for the valve. I've driven through some big puddles, just avoid driving in lakes, rivers, etc. Heck, I survived Huricane Ivan!
Back in the day, the original AEM cai was two piece.