I originally had been using the stock Steeda CAI filter (with the inverted cone end) on my 07 GT and tuned it using HP Tuners. I then had an extra K&N RF-1041 (which coincidentally is specified on the 03-04 Cobra K&N CAI, as well as the Marauder and Crown Vic kits) lying around which fits perfectly (same dimensions as the Steeda cone filter). I had an extra Dry Wrap as well, so I installed that.

I took it out for a spin with the datalogging equipment and found that the results were about the same (within 1-2% fuel trims). Meaning there's no restriction from the dry wrap or by using the K&N filter with the closed end-cap. But note that I did already tune the car for the Steeda CAI, which was about 10% leaner than the Shelby GT MAF transfer function.

I had read about the velocity stack inverted cone end causing possible turbulence with Ford MAF systems, and wanted to try the K&N. I didn't notice any substantial engine sound difference either. I like the dry wrap because it keeps the K&N filters cleaner for a longer period of time as it tends to filter out larger debris, grit, sand, etc...