You are unlikely to see any noticeable difference in power with a drop in filter replacement, that is assuming that your current filter isn’t super clogged up. The stock intakes and filter are fairly efficient. I have a 91 F-150 with the 300 six cylinder so I know the pain of being super slow.
I recently scrapped various items from my personal junk pile. This included 2 dead engines, a few old exhausts, a tailgate, some rims, and various other junk metal items. All together it was over 750lbs of recyclable metal, and the total the recycling yard paid me was $40 usd. Since the value of a broken engine is low/almost negligible, I’d consider it a service that the mechanic will probably dispose of it for you.