Not a whole lot of pros, not a whole lot of cons. It's pretty much a DIY project, nobody makes a kit. Shield the air intake from engine bay heat and you will get decent results.
I now have a modified kit for a Cobra(sorry, no pics), with the PVC plumbing modified from a T-Bird kit. It consists basically of a Pro-M MAF, MAF adaptor, PVC pipe and flange with a K&N conical filter. This puts the air filter inside the fender. To do this the suspension compressor need lowered a couple inches to make room.
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Where do you put the MAF? In the fender, just after the air filter? Or in the engine bay after the bend from the fender. Does it matter?
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My MAF is in the same location - in the engine bay after the bend from the fender. Some MAF manufacturers do not recommend any duct bends in front of the sensor. Customary air flow design recommends a minimum straight run of 8 times the diameter of the duct for best flow measurement. Impossible under the hood of our cars.