If you're gonna go street only, hit a truck salvage yard and pick up a filter housing there. Wallew has a lline on the proper filter to buy from k&n.
The under hood housings will net a slightly higher intake temp (decreased power levels), but will be a tad quiter because they muffle the intake noise a bit more. I think it would end up being an expense that would not have many good results, except for a blank fender... You could plumb the intake to the old fender hole for cool air to fix the intake temp, I don't know...
There are serious problems with k&n filters. They are designed for racing and flowing at the max cfm rate, and that is something the deuce motor will never do to this filter. The media actually filters LESS until it gets dirty, then it clogs faster than a paper filter because of the oiled fabric. In the mean time, you've sucked an unusualy large amount of dust into the motor, until it clogs and begins filtering out smaller particles.
There's been a heated discussion with this in the past too. The simple facts for a k&n was that:
1. It did flow more when new, with the trade off being less filtering ability
2. The engine would not see any gains; both filters flow more than the engine can suck
3. It flows equal or less when dirty compared to a paper filter
4. Cost is almost identical, however nets you less protection, and same flow rates
5. It's best used on a vehicle that has an insufficient filter FLOW but not for times when you'll need filtering ability.
Now I've opened the K&N vs. paper war again. I'm only putting facts here, so you guys don't start up!
If you don't mind, let me ask - Why? I'm not trying to be an asshole, but sometimes when I re-read these posts, they look that way, so let me get that out of the way.