IMO, the oil-bath air cleaner is superior to a paper filter. Oil-bath system is less restrictive on air intake and will still allow air through even when there's lots of dirt in the oil. The paper filter will clog and restrict air flow even more as dirt enters the filter.
Only drawback to the oil-bath type is occasional cleaning and re-oiling can be messy unless you are set up for it. I used to know some folks who would keep a second identical oil-bath air-cleaner cleaned, covered in cellophane and ready to install while using the other one and swapping when the used one got dirty, so they could set the used one aside until they found a convenient time to clean it and store it for swapping back after the other one got dirty.
If the cleaning process involves wiping the exterior of the air-cleaner with solvent (gas or whatever), resulting in destroying the paint finish, then somebody has painted the wrong paint on it. Refinish it with the original FOMOCO Argent silver enamel and you will not have that problem again.