A resurrection here for anyone with the same question. The answer is YES:

A Barracuda flat hood will close with about 3/4" to spare to the 3rd lateral reinforcement in the hood with the following parts combination.

408
Ede Perf RPM Air Gap intake
Quick Fuel ss carb
1.5" drop base
14x3" element
Pro-Flow lid

There is another 1/2" to be had if I used my Moroso 14" lid.

I'm thooo happy to be able to retain the sleeper hood. If I wanted to cut out the reinforcement, I could probably fit a 1" nitrous plate.

Also, I have seen complaints about it, but I'm very happy with my highly cost effective Ede air filter. It is a tad bit oversize, but the lid and base fit together with the element tightly and securely with a better seal than the 14x2.5" K&N it replaced, though the lid takes a little extra effort to install.

Warning though, If not using a torque strap, Schumacher mounts or some other solution, popping the stock style drivers engine mount Will result in damage to your hood.

Your mileage may vary.