First, never run one of these engines without an air filter. Your dad's recommendation sounded like he was suggesting you run without one. That is a sure fire way to destroy your engine. It only takes a small grain of sand pulled in through the intake and your 30000-40000rpm engine will eat itself, causing the loss of the engine....or at least requiring a costly rebuild.
Second, the MotorSaver air filter usually comes pre-oiled. The HPI filter did not (at least when I bought it).
HERE are three oils that will do the job. You will hear a number of recommendations about suitable oils to use on an air filter. I personally use one labeled as air filter/cleaner oil made specifically for the RC air filters. That does not mean that other oils are not adequate. I just prefer to use something I know for a fact was made to be used on these things.
Third, the performance increase you see from adding an upgraded filter is nothing compared to say making a gearing change or adding a quality tuned exhaust pipe. What you will see is an engine that can be dialed in to run a little richer to bring the fuel to air mixture in line with the increased air flow. This richer condition will provide extra lube to the engine (a good thing that does affect longevity.)
Finally, engine life is determined by too many factors to say that the right air filter will guarantee anything extra in the way of engine life. This is not some silver bullet that will make the engine live forever. If you maintain your engine, keep it clean and lubed, shut it down and position the piston at BDC, use ARO when necessary, and don't do anything overly crazy to the engine...it should last you quite a while before needing a rebuild. BUT I could tell you the engine should last you ten gallons, and tomorrow you could go out and have the engine crap out after one tank. There is nothing certain in these things.
Like I said, you can run with the stock filter just fine. BUT I still recommend the better filter.
BTW, pmoyer...where in VA do you live? I'm in the Hampton Roads area.