Find a drop base air cleaner housing...a 3 or 4" filter element with a standard air cleaner cover will clear the hood. You can not use a stud/wing nut to secure the air cleaner.
It is cost prohibitive...even insane...to start mucking with engine height in order to utilize an air cleaner.
I had a stock hood..solid motor mounts..RPM intake..rochester carb. .had 1/2" clearance. .