Hey New Guy, feel free to ask us anything you like, this is a pretty darn good team and we all like to see a 3A come back to life.
I've got a pretty good histroy with those air cleaners, I work for the company that built the originals, yup still in business. I would urge you to work on that air cleaner, its a lot better than the K&N, efficiency and dust holding capacity are a lot better. There is a good link on Bob Westermans page on how they work, and if you search under air cleaner service on this page you should find an original Donaldson Service Bullitin on the Oil Bath.
Good luck with the paint job, and remember, paint won't cover a bad prep job, but a good prep job will make mediocre paint look great.
Todd