Ahh, brings back memories of how I started: a few, easily reversible changes, which progressed into where I am today, after realizing that there were tens of thousands of cars like mine, and thus, despite its first year of C-4 status, it would never be collectible.
Trust your instincts about these mods and ask a lot of questions, as you are. The coolant bypass is quite simple, requires almost no parts, is described in detail on another thread (search) , yet yields minimal change, as do the open box and the K&N. These mods are debated elsewhere, too, and opinions vary as to results.
Before cutting your intake, be sure you understand the effect on your power band. The logic may seem sound, but the bottom line is, nothing is free and improvements to one area of the power band will cost in another. Exhaust and intake mods are compromises, as are choice of each engine component; all driven by how the builder (GM) expects the car to be driven.
I have found so much BS from 'experts' who think they know more than GM's engineers. What I have today is much more respect for them, especially for the price/performance/reliability/serviceability balance of the stock Corvette. I have sacrificed all of that, for sake of having a monster motor. I wish I could trust the car to drive to the store and back, like I used to be comfy driving it to another state.
Understand the trade-offs before changing anything. Asking and listening is a great start. Skepticism is also quite healthy. I only offer this from a basis of kinship. with a sprinkling of woe over some mods I have done.