If it's not a street queen (and even if it is really) I would suggest an enclosed system with a cold air (and preferably CLEAN air) snorkle. Good quality paper elements are more than adequate for most applications and they filter MUCH BETTER while being a bit more restrictive.
That slightly higher restriction generally does not create a significant or noticeable improvement unless you have a VERY deep breathing or high reving engine, or an application where every single HP matters (i.e. drag racing and looking for every 10th of a second or less). Most dyno tests and comparative track times on typical V8 applications show marginal gains at best, with only "seat of the pants" dynos and sales propaganda showing consistent gains. The same is true for reported gas mileage claims. I myself have run both styles on my chipped DMax as well as other vehicles in the past (including racing) and I have never seen any real measurable improvement in the foam filters over a comparable paper/fiber system. I recently switched my DMax from a Foam UNI (rated better than K&N in most aspects) to an AC Delco and noted NO decrease in performance or mileage, nor did I notice an improvement when I installed it to begin with.
To me, it stacks up like this. Benefits of paper are better water and dust control, simple, and cheap/easy to replace as needed, and you can easily carry a spare. Foam/oil filters can potentially pay off with cleaning and reuse, but by the time you figure in time, cleaning materials, disposal of cleaning materials, new oil, and poor filtration quality, I don't feel it's worth it. And if you switch to a higher surface area filter like a Donaldson or something, you can eliminate the slight restriction while gaining longer time between changes.
On my truck I have the snorkle routed through and behind the fire wall to reduce dust contamination. And I'm planning a late model remote filter box (like from a Vortec) with paper element when things cool off and junk yarding becomes less of an exercise in heat stroke management. Benefits include readily available and affordable flat elements that work well and store compactly.