A noisy open type air filter located in the engine bay is not advised because the engine will suck in hot air from around the engine.
I have done a lot to my car but inspection dont notice anything because the air filter is located in the stock location under the wheel arch but is a differnt type filter and pipework. But I doubt there is much power to be gained because you need the maximum of cold air and most performance filter designs will suck up hot air from around the engine bay.
Also the dust here is very fine so cheap air filters will not filter out this dust and its probably better to use the stock paper type filter or high quality performance filter like K&N.