I did this, but also removed the plastic baffles inside the airbox too. It does add sound and doesn't seem to come with any engine heat soak complications. If you're at all concerned, ask a breaker's if they have an airbox and do it to that one instead to compare. I got one for £30 and it came with a perfectly good MAF in it so was chuffed.
I used a hole saw for spot lamps and it worked great. Just make sure you have some sandpaper to get rid of all the marred plastic from the hole and all the jagged bits of baffle left over (pretty much impossible to get that all flush unless you have a proper handheld sander, probably more effort than its worth). Also, give it a rinse with a hose to get rid of any plastic dust. Yes, it is before the air filter, but no point clogging it up unnecessarily!