Search on the MD Elantra and GT Elantra sub-forums until one of the Accent guru's can chime in on this. Some of the guys have done this over there. It may not be exactly like what you're dealing with, but the feedback on their success might give you some ideas and help you if you decide to do this.
I did this on my Sportage, although the design is different, with my K&N filter it made a big difference, no downsides! But, mine sits behind the front grille, and it's a straight shot for the intake air.