Most PSUs take air from inside of the case and move it to the outside (in hopes of carrying some heat away with it) thru the rear of the case.
If you have only one fan and have to choose whether to use it as intake or exhaust, then use it as exhaust as that will have more effect on the temps within your case. Assuming enough fans to do what you want, then all you really need an intake fan for is to assure that some air gets directed to your HDDs. As long as there is enough venting at or near the front of the case that the exhaust fan can breathe fairly easily, that's all you need. But beware of extraneous venting like on the sides or in the top or bottom as that will limit the effectiveness of your airflow as it will "short-circuit" the air flow being drawn in there and right out thru the exhaust whilst doing little or no work along the way in the way of absorbing and carrying away some heat.
I like to set up a positive pressure environment (total CFM in a bit > total CFM out) in my cases so a good intake fan has more of a role in that scenario - and a fan controller for balancing in and out. Done properly P-P can keep a lot of dust, pet hair, etc. out of your case while not sacrificing much in the way of cooling or sounding like an industrial wind tunnel.
.b.h.