I WOULD JUST STICK TO THE K&N. IF YOU CUT OUT YOUR AIR BOX THEN YOU ARE GOING TO BE SUCKING IN EVERYTHING FROM DIRT TO BUGS. IF YOUR CAR IS A DRAG CAR THEN MAYBE BUT AN EVERYDAY CAR NO.
IF YOU WANT STUFF LIKE THAT TO MAKE A DIFFERENCE, GET A RAM AIR KIT.
2000 Xtreme S-10, 2.2L (118h.p.) Need some extra horses, thinking about a j.e.t. mod., mass air flow, air intake...ect. Looks good but need some power.
Hey if thats what you want to do I say go for it...Drive whatever it is you think you want and if you want to had some more power then by all means do whatever you can affoard to do
to answer the original question: I wouldn't do it, it would just make more noise and like it was said before, allow more crap to be exposed to the filter. I doubt it would make it go noticeably faster.
Best bang for the buck will be switching to a less restrictive exhaust system, and then some type of supercharger kit, either turbo, roots or centrifigal blower, or the cheapest route with nitrous.
Don't cut holes in your airbox! K&N and your truck's mfg spend bazillions of dollars researching this shit, if holes in the filter would make a difference they would've done it long ago. Leave that shit alone and get yourself a better car to modify. Like the other poster said, a new exhaust system is the best bang per buck. I got an extra 13rwhp from my Akrapovic exhaust on my 136rwhp bike, that's a 10% increase.
Lose the whole air box. Get a complete header to tip exhaust system. Flowmaster or Dynomax race magnum. The free intake and exhaust tract will get you horse and mileage. Then you go to the air flow meter, cam and head, then the shortblock. I wouldn't take it past the intake/exhaust though. They'll also add miles to the longevity of the drivetrain.
On your truck, next to the fusebox is a connection for a computer port. It is either under the hood or near your trunk realese.
You can buy the hand held device to reprogram your fuel delivery system, transmission and air intake. There is no need to buy a chip anymore since these trucks are reprogramable. I know a guy here in Atlanta that works for a big dealer in the sales dept. He does it for people all the time. This will also deactivate your 94mph gov. He charges $40.. but you will need to have it done again before emissions time.
The hand held device is $300... you can easily make this money back by doing your friends cars. I am not sure but I think all GM cars are the same.
Just spring for the K&N kit, but drilling holes in your air box will make a little difference. Just use some steel wool or tight screening to make sure no shit gets in the box and you're good to go. The next step would be exhaust, high flow cat, etc.