With your intake and filter you are negating any benefit the CI would have. I understand that you believe the 4" Air Filter will increase air flow through your engine, but consider this: if you have a 780 CFM carb you will only, under optimal conditions, flow 780 CFM. How many CFM is the 4" filter rated at? And the Underhood air is hot and less dense than outside air. Therefore it could be better (horsepower-wise) to get 780 CFM of cooler, outside air.
You do the math, I'm too tired. http://www.fordfe.info/CarbMythFact.html
Get an Air Filter and a carb-to-Air Cleaner Spacer that seals up your CI system.