NooB ?

Hey guys I just got my 96 Cobra Drop top Mods include, G-Track Suspension, Steeds STB, BBK 62mm TB, energy suspension bushings, Flowmaster Cat-back, Penski Shocks(I think) , and I was wondering if I should get a K&N FIPK or just a drop in K&N filter? Also I will be doing a summit X-pipe, Dyno Max Bullit mufflers, with dumps before the rear end, Ford Racing 4.30 grears, Pro 5.0 shifter, Steeda SFC's, light bar, and Drag Lights with M/T ET slicks will that set up be good for 12's?