Is a malossi red sponge better than a standard air filter?
It will let more air in than the standard filter (which will probably be even more restrictive if its old and dirty) but you’ll only benefit by putting a larger main jet in the carb so the bike doesnt run too lean. Lean engines will also run hotter and hence be prone to seizing, so if you do go for a race filter then make sure you get the jetting sorted! The malossi filter combined with the set up you already have (big bore kit and race exhaust) should give you a fair bit more power once re jetted to suit. Good luck!