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And for every 1 degree Centigrade drop, you gain 3 hp
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Not correct! Power varies approximately by the square root of the change in absolute temperature of the intake air (assuming the ignition timing and such are optimized for the temperature change).
If you measure hp at 20 deg C, ( 293 deg K ) and at 25 deg C ( 298 deg K )
then the power difference will be approximately (sqrt (298/293)) = sqrt (1.01706) = 1.008497.
That makes the power increase approximately equal to .001699 / deg or .1699%.
On a 400 hp engine for each 1 deg C drop in intake temp you would gain about 0.67 hp. The cooling effect of your setup is 1870 times more significant than the alleged increase in oxygen.
Larry