Basically what you're saying is it will slightly increase hp at a higher RPM while decreasing torque at lower rpms?
Restriction... rather the lack thereof is the name of the game, isn't it? Even though the VH45DE only requires 420 CFM to function if you were to have an induction/exhaust system only capable of such CFMs you wouldn't end up with an engine putting out a near optimal 300hp, right?

The way I figure it restriction to power isn't linear, so there should be small gains doing this mod.
Assuming a 20% gain in airflow as quoted:
1.2x980cfm=1176CFM w/ the extrude honed plenum/intake.
Though if you're correct Dennis, I'd assume you wouldn't gain 196CFM into the engine, as this isn't where the greatest restriction is taking place. This would merely decrease the restriction at the plenum, though as you say most of the restriction is before the plenum and "evenly divided between TB, MAF and air box intake."
At this point I'm getting the feeling a 5hp gain is nearly out of the question... I suppose if you're always driving around at high rpms (such as a racing situation) it would help you as you'd probably never go below 3500-4000rpms anyways.
Corey