Water injection is only for turbocharged applications as water will significantly increase octane of the fuel. You are only going to be losing power with a N/A water injection setup.
If you can keep the intake from heating, the gains would be decent. About 10-15 hp worth of gain. However, if you are only doing that to drive at highway speeds, it's a huge waste of money. The gain is only seen at when the throttle is fully open or nearly fully open. Having cold air at highway speeds will speed you up so you will have to be lighter on the throttle and not open the throttle as much and that's where the problem exists as that will cost fuel efficiency and engine emissions and maybe even get the oil to sludge up quicker.
Simply put, you get better efficiency with a more open warm throttle than a less open cold throttle unless you are trying to go really fast.