I have nothing against K&N they make very good products but when we got my car buttoned up and ready to drive after putting the 360 in and the hood wouldn't shut with the stock air cleaner I had to make a quick run to Advance Auto Parts to get something and this is the only drop unit they had. I still want to go back to the stock look and from past experience an M-1 will drop everything low enough to work. I do like the looks of the one in your pic though.
I have 3.91 gears and drove to Columbus Ohio for the Mopar Nationals last Aug. from Speedway IN. going 60-65 mph and averaged 16 mpg. This was less than 2 weeks after finishing the car. I dont know what it will run in the 1/4 but I out-ran a friends 12.3 second Mustang last fall so I think it breathes ok.