that bit of "forum wisdom" gets passed around a lot. direct experience has caused me to disagree with it.
put simply, combined with an exhaust, MarkD chip and 24lb/hr injectors, the dbilas itb/alpha-N setup provided -noticeable- gains on a stock m42 longblock. most noticeable is a willingness to wind out all the way to 7k rpm. think about it- replace the 80's-tech flapping-door AFM with a nice big open intake, and get rid of the first-generation intake manifold for something designed to put the powerband at the top of the tach, and the engine is going to flow more at high RPM. this should not surprise anyone.
i don't know who started the rumor that ITBs are "only worthwhile on built/race engines", but they were wrong. if anything, the opposite is true- if you've spent the money on headwork and cams but are still using the AFM and e30 intake manifold, you are probably leaving power on the table.
Ok let me say this a little different.
Direct experience for me has been that ITB's don't add to my driving experience in most street cars. Most of them that I've driven with motorcycle throttle bodies make lots of cool noise but They don't seem to dyno out higher power numbers, but they sure move the powerband up! Which is handy if thats what you want to drive.They cause issues with smog and I live in a green state so I'm stuck without them.
I have a E36, M42, so I have no trouble winding up to 7K (or as close as the rev limiter allows. So the reference point is critical, comparing a OLd E30 manifold to ITB's I could definately see it. From my manifold to ITB's I would not expect to see a big power number jump, Without at least a cam.
And the engine shop that does the work on the race cars I deal with has dynoed the flapper valve AFM several times including a M42 and it really does not affect power until you up in the 6000 range, which my street car doesn't. If its a pure track car now that's a different story.
Basically I think ITB's are application and installation specific, do the work right and tune the package and there may be something there. But I'd still spend the money on the cams and pistons and head-work first, then front it with the right intake and exhaust systems.
Dave