Hmm, that sounds odd that a CAI will throw a CEL. Does the car run a MAF?
Your comment about running only 10 pounds could be correct. Can you tell where the gauge is hooked? Most OEM turbo equiped cars use the actual compressor housing to read boost, verse reading at the intake manifold. Obviously if its hooked at the compressor, you will see a boost loss from the the compressor to the manifold.
If you see black smoke under hard acceloration, you are correct, it may run slightly rich. Running the cold air intake won't change that though. The only way you can change that on a EFI/SC car such as yours would be through ECU adjustment. I wouldn't worry about the slight smoke though. GM tuned the car that way to create a margin of error (on the safe side).
That motor is a stout bitch though, it may be a little out of your price range, but your could switch to turbo and make some serious power! GM will help you out too...they set out to take over the sport compact market and they built the motor to do it.