It depends, to some extent, on how much of a drop you have or plan on having. The closer to the ground you are, the larger the margin of sucking up some engine friendly water is.
A friend of mine had a 98 lude with an AEM CAI and H/R sports. On one rainy day, his car stalled going through some water at a stop sign. Major pain in the ass getting it started again. Needless to say

we both invested in the by-pass thereafter.