re: Turbonator... Definitely pass on that... What a joke!
re: replacing airbox w/ K&N... I'd vote "not" because the disadvantages outweigh the advantage. First of all, if you ditch the airbox you'll lose your Helmholtz resonator and second, unless you've modded to substantially increase HP (i.e., more fuel flow), the only real upside to a K&N is its reusability - and you end up offsetting that advantage with the cost of cleaner and oil - and most importantly - your valuable time!
If you decide to go with a drop-in K&N, you can have mine. Has about 20K miles on it. (if that matters) The previous owner had installed it. One of the first things I did was yank it out (for the very reasons BigSwede mentioned) and put an OEM in it's place. Didn't have the heart to throw it away though... It's yours for the cost of shipping!