Air filters have several contributions to give.
First, to keep unwanted crap out of the carb/engine. There have been many approaches to this in auto history starting with no filter at all, to screens, to oil baths, paper, and now stuff like the K&N's. Auto companies work in a super competitive business and believe me, if they could do better, they would! As has been already mentioned, the stock system will work as good if not better than anything hanging on a hook at the parts store.
Second, the 'coolness' factor. How cool do they look! There are so many cool designs out there that it's hard to select one. But do they actually work better? Do they filter the air AND keep out rain and snow? Do they inhibit the air flow? Do they direct air from a cool (temp) place to improve performance? Well who cares about that stuff as long as you can screw a skull shaped nut down on the middle of it!
Third, operation cost. Does the custom air filter give you required performance without costing too much? Probably not. Will the filters even be available in five years? Does 'lasting for a million miles' really matter when it's so cheap to replace the paper filters? Will you need to take extra time to maintain them and get crap all over your hands and that really cool Ohio State University hoodie you should be wearing?
My new tri-power will have finned polished aluminum covers from Vintage Speed and will use the paper elements rather than the optional (and more costly) K&N's. I like the look and function of the one "K Stang" built up for his Cobra Six using the dual carb aluminum filter. WOW!
So, it's once again like 'religion and politics". You know what the right thing to do is, but are you going to sin anyhow!
Plugs, go Autolite/Motorcraft. Cheap, available everywhere, long lasting, designed for your Ford. As long as they don't say Champion on them anywhere you are gonna be OK. I've never seen any noticable improvment using NKD or any of those higher dollar brands either.
Harry