yes I see now that your talking about a simple concentric tube heat exchanger..
I don't know what to say, I very well could work (I do not know enough to make a much more specific conclusion)
BUT, concentric tube heat exchanger aren't very efficient. You'll also want to have it be counterflow, (have the air and the water enter on opposite sides) to have better performance. If you are going to have the cold water on the outer tube you'll have to insulate it from the engine heat otherwise it will absorb the engine heat rather than the intake air's heat.
Anyways, the problem of condensation will not be as bad as with a regular air to air intercooler but I think there will still be a problem. For example engines that have carbs without heated plenums don't run too well.. see were I'm going with this..
Anyways like a said before, I am not knowledgeable enough about this to acurately guess whether it will work or not.
If you have the facilities, try it, tell us what you think and sell them and become rich!
I don't know nuthin,
Luis