Dont get an oiled filter thoughk, the oil knackers the MAF sensors.....
I have a K&N panel filter ATM, it's slightly oiled.
The next one I get will defo be a PiperCross viper though
I kinda have 3 choices really:
Either use a scoop on the bonnet, Monaro Style - Would look cool, but a lot of work involved
Use the front airdamn - An awfult lot of re-plumbing the intake system, but would be very discrete
Or vent the wing, next to the existing airbox - Althouth the twin intake pipes would remain in place, the "induction kit" (Piper x make a good one), would be fed by a vent either on the bonnet or on the wing.
On the Fly Wheel front, the weight saving is your biggest asset there, although accelaration will be helped a fair bit, but no direct BHP increase.
Thats why F1 engines rev so quickly, as they have have berly no flywheel.
But be carful as Flywheels are often balenced for a specific engine, to help it run smoother, and iron out any shakes etc... you may have to re-balance your new one.
Cheers.
Matt