The flipped lid stock dual snorkel Mopar housing with a paper filter lost 11-12 HP over no filter, on a 750 HP BBC per Engine Masters test. I'll take the superior filtering of the paper over 5 HP gain with gauze when you're talking tenths of a percent gain.
Their deduction was that the direction the air entered the carb was more beneficial than what the filter media was made from. Velocity stacks were the best results. They even used a stainless steel salad bowl with just the lid style element, and it performed almost as well as no air cleaner. The air turn from horizontal, to vertical, was more restrictive than what media the element was made from.
A filtered lid combined with a conventional element didn't do well either, you'd think more surface area would be beneficial, but the engine wanted one or the other, but not both together..........