You'll destory the cat if you constantly run over rich mixtures. You'll also wreck the cylinder bores as the excess fuel washes the oil film from the cylinder walls.
The key is getting more air into the engine first. Most fuel systems can cope with extra air ie. they're not maxxed out in normal tune and can deliver more fuel if necessary.
I'm not sure about the drop in panel filters to be honest - I don't like the idea of bathing the MAF in sticky oil.