Myself I would eliminate the air ducting if for nothing else so you can figure out why the engine light is coming on. After I figured that out then I'd be looking at do I want other mods. You are the first person I've ever heard has a engine light and no code. This is why I would figure that out first before throwing money at more then just the air filters. Something is loose that sends the code and is corrected before it's a permanent code. At its age it could just be a sparatic vacuum leak, loose low tension leads on a coil. I'd run that down after you do the filter mod.
Just my 2.5 cents worth.
Tell us more about it. You say its a 07 Classic is it a tourer model or just the Classic? Is the motor silver or black? Pictures are a lot of help if you're not sure. From your avatar I think she is a Classic Tourer correct me if I'm wrong. And get used to me being wrong