I used to run no filter on my drag bike, my engine builder was like "boy, that's dumb" lol.
All it takes is a little rock from the tire or even from someone else's tire in the pits and that's a quick $500.
I don't see how rebuilding the engine more often would make someone want to spend $500 quicker than usual, but OK.
To clarify, you should be able to run the velocity stack under the filter, so you will still reap the benefits of the velocity stack and still retain the filter to keep out contaminants. At least that is how it is on my bike YMMV
The air filter is most likely not a restriction to airflow, unless it's really dirty or blocked. Just in my experience. Cam/valves/stroke/bore will get you more power, air filters not so much.