Your biggest gain would be from the decreased pumping losses. You have less restriction in the intake path so the engine doesn't have to work as hard at pulling more air in. Same principle would apply with a less restrictive exhaust. (Less work to expel the exhaust gasses.)
Your mileage will increase, not so much from the increased HP, but from the improvement of the overall efficiency of the engine increases. Even if you gained no HP from this you are wasting less energy pumping.
It's a two-fold benefit, less pumping losses and more O2 both equal more useable HP.
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Lighten up Francis.