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The best I have done with my 72 small block hood is a performer EPS with 2.8 inch tall 14 inch diameter element. Of course this is with a drop base air filter assembly. I really would like a better intake but cannot see choking it with a smaller air filter. I believe that the smaller air filter will not flow enough especially being near the top of the carburetor. The best I can figure is that I would gain about 10 hp with an RPM or Stealth, but I would also probably loose it by choking it with a small filter..
Oh yeah, my engine is a 5200-5500 rpm 383 so it isn't really killing my engine. OK I say that to make myself feel better.