Lowering kits arn't more expensive than coilovers on the whole, they're more expensive than CHEAP coilovers.
Decent coilovers will cost you much, MUCH more than a lowering kit.
I'd always go for coilovers over a lowering kit, as you're stuck with the ride height you're given with a lowering kit. With coilovers you can tweak it to get the look and ride that you want.
Cheap coilovers are fine for an every day road car generally, they go low, look good, and the ride isn't too terrible unless you're ultra low, but from a handling point of view a decent set of matched shocks and springs will probably handle better, than a set of quality coilovers will handle better again of course as they can be fine tuned.
As for the induction kit, I'd avoid the long metal tubes of the CAI kits that put the filter down low, they get covered in road crap and grime in no time, and are susceptible to taking on water over winter - not cool.
If you want more noise than your standard airbox and panel filter are giving, I'd look at sticking a cone under the bonnet, with a short length of silicon to space it out towards the inner wing. I'd usually use a jetex filter, but as you're after a Red one Badger5 have recently started offering BMC twin cones in red which look pretty good.
I'd also not worry too much about claims of it ''getting too hot in the engine bay'', the gains of a decent filter will outweigh it anyway, the on any mapped car the ko3/ko3s is such a heat pump anyway what small difference a cold air feed makes will be negated. I run a jetex cone on my 300bhp 1.8T and my inlet temps are considerably better than most!
