I drilled 1.5" holes in the bottom of my air box as my very first mod. You'd be surprised at the gain in throttle and sound from such a simple change. Not enormous but worth it. It confirmed for me the stock airbox is fairly restrictive, I'd assume mostly for noise but also economy.
I didn't bother dropping the snorkel before I changed over to the K&N Typhoon, but I'd like to get some more direct airflow going to that filter... Most likely through the hood
I'd have to say that any gains from a K&N drop-in filter, fuel economy or power, are suspect at best, unless the stock paper filter was very dirty, and overdue for replacement...