My Five-Minute Engine Swap (318/340)

WIX rates their #42044 (AF305 equivalent) @ 160 CFM and the shorter #42070 @ 120 CFM.
Just out of curiosity. is the CFM rating per square inch of filter material?

If you have a 500cfm carb wouldn't a 160cfm filter severely restrict air flow? I'm not the most knowledgeable on CFM and airflow