I did this a couple days ago, minus the dryer vent.
Did up the swiss-cheese mod really good. I didn't have a very big bit, so I made a LOT of little holes...lol. Threw a K&N drop-in in there, and voila.
For essentially $60 for the filter, there's a very noticeable difference. I notice it most right on the gas from a stop, and if I drop a gear to pass at highway speeds. A lot more immediate pull then before. If you listen close, you can hear a little whine as it sucks the air in, but didn't notice much difference in exhaust tone on stock pipes. Maybe a little, but it could have just been psychological.
Either way, good cheap mod!!