IF the aircleaner looks like a "Hammerhead Shark", then that is the B&M unit. I suspect B&M were recently bought by Holly.
K&N filters can be cleaned using their special soap (or something else ?) and re-oiled with their oil (or ?).
The turn the air takes (from the side then down) can be restrictive. You might get better flow adding a spacer between the carb and filter assembly. I suspect the stock engine cover no longer fits anyway.
Good Luck,
Chuck
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