A friend of mine has one of those Gano filters. He got it through Mustangs Unlimited and he hasn't had any problems since. I don't think they are that expensive (don't have the catalog in front of me) so it might be worth getting one just to see what it'll trap. At any rate, a little filtration is better than none. I don't believe it impeded any water flow either.
just addin' to the pot.
Stefan
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66 Standard coupe
200 inline 6 - Pertronix ignition, Flamethrower Coil, K&N, Clifford Perf. 6 into 2 headers, Holley carb, three row radiator
96 GT Convertible
Splitfire plugs (they were free - don't laugh).
K&N, removed air silencer (more to come)
Next up: 3:73's and side exhaust
www.mustangworks.com/cgi-bin/moi-display.cgi?258