I agree with Redhawk 98%.
I haven't looked so I don't know, but unless there are holes in the fender where the "holes" in the foam line up (for free-er flowing air), that does mean that the engine has to suck that much harder to get the air through the foam. If there are holes in the fender and that is where the air comes in, great. If it has to suck it through the foam... well, think of the cocktail straw.
One "free" mod that is done on a lot (if you are NOT going with a cone style filter), is to shed "half" of the airbox, or prop it open. I haven't looked at our airbox yet to see how it can be done, but airboxes are usually two parts. Top and bottom. Normally the air moves into the box and UP through the filter into the TOP portion, which is a tube eventually ending at the TB. Thus air has to get inside this box first, which means sucking through a "hole" in the box. The idea of a cone filter is to eliminate the hole and just breath easy (think: breathing through a straw versus normally).
So... another option is to crack open the box and use hardware of somekind to keep the filter FIRMLY SEALED against the top. Either create a gap between the top and bottom, thus making the "hole" bigger (easier breathing), or remove the bottom totally (same premise as the cone).
I don't know if people saw my post in another thread about the FIPK. The FIPK is a crappy deal... period. You can get the same thing for 1/4 the price by buying the appropriate sized cone filter and mounting it to your existing intake pipe (i.e., take the box off and mount the cone). Don't like the OEM intake pipe? You can easily make your own for a fraction of the cost and route the filter anywhere.
Oh yeah, don't be too concerned about the engine bay heating up your intake charge (part of the FIPK gives you a "heat shield"). Two things: A) your TB and the intake pipe going to the TB sit right behind the radiator and on top of the engine. This will heat your intake charge regardless of the heat shield thingy. 2) Your TB and intake manifold have coolant passages in them. HOT coolant (doesn't that sound funny?

) flows through these keeping the intake hot.
Anyhoo... shiz-nit... anybody notice my posts are always long as <insert unoffensive adjective here>?
Nate