You do realize that if you cut your hood, you will not only cut though the top metal but through the lower brackets; meaning the skin and the skeleton of the hood. This will make your hood less structurally sound. To answer your questions, if you cut the holes then put plexi-glass below it the plexi-glass would quickly melt. Maybe not totally but it would change its shape and color. But if you just put in mesh no it would not rust out. The bottom of the car is open and many things get wet when you drive in the rain, but it would lessen the life of your belts and hoses because of the uv rays that you would be subjecting them too. Plus your engine would get nasty fast from things falling in it along with the water. If I where you I would just leave it alone because it would take alot of time and money to get it to look right. If you weld you will have to repaint, bondo, and have to replace rubber faster then expected.
To supra_girl why not put an intake some where else, not right on top of the turbo but away form it and pipe the cold air over it. This would allow you to create a water free environment for the turbo and cool it down using a ram air system.
Not bad for a first post. Sorry if I came off as a jerk.
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