What does the base look like? The base has a big affect on airflow into the carb and can drastically hurt power.
I did some testing years ago and a K&N form fitted base for a Holley (the expensive one ironically) was down 13HP over no air cleaner at all.......Then I tested a large radius, drop base that was uniform curve from carb flange to the filter. It make 3HP MORE than no air cleaner when used with the same filter and flow through top. IIRC a regular old hard radius base like you get from the parts store was down 10/11HP from no air cleaner.