The only issue I would be concerned with is the potential for MAF air sensor damage due to excessive oil and the dealer denying warranty coverage for them, and the idea of cleaning an old air filter and reusing it, is what was done 50 yrs. ago.
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Oiled air filters and maf problems survey - Maxima Forums
They came up with disposable, cheap replacement air and oil filters for a reason, you can never really clean the old filter a 100% each time you clean it and some old dirt can get transferred to the inside of the air filter and into the engine.
Also stock paper air filters provide superior filtration, compared to a reuseable oil type air filter.