I'm running (have run) a stock arrestor on a set set of Novi MF 48's, and I found that you definately loose a bit of power, and yes, it is noticeable!
I found rasing the popoff due to the extra restriction on the carbs was a must, but in the end, I decided to scrap the idea and use a set of normal 46's with a stock arrestor.
An easy way to do it, is get a machined plate like Mark44 is using, and get yourself some filter adaptors. Bolt the filter adaptors to the underside of the plate, and use some 2 3/4" silicon hose that will slide over the carb throats, and the air filter adaptor on the arrestor plate. It saves you tig welding pipe on the adpator plate, and it's really neat.
I'll post a pic if you need it.