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A lot of times you can find people trying to trade the "v6" hood for the "gt" hood, not realizing its just a more common v6 hood with a bigger scoop bolted on it.
Unless you've done a motor swap or are pushing huge numbers on your 3.8 there is no benefit to cutting your hood though. They aren't exactly cheap to replace.
Actually cutting up the Cobra/V6 vent works for improved efficiency. After the air gets hot passing through the radiator, you want to vent it out as fast as possible. In stock form, that hot air is trapped in your bay until it flows out under the car. Hot bay and air under the car are two thing you want to avoid (from a performance stand point). Venting the hot air out right after the radiator is a great option. Will you feel an improvement on a stock street driven 3.8L? Probably not. But it will make your system run more efficiently.
The physics behind heat extraction are exactly why this hood is on my '98.