Hi hill8586,
welcome and congrats on your new Sprint.
If you want to drill out there is a thread on that here or it may be in the "mods" sticky above. It has photos and a detailed description of the operation.
Many of us here have the Triumph race can fitted self included.
I have pics in my album of both the Triumph Carbon Fibre race can and the Triumph Stainless Steel race can which I have fitted currently.
Both sound great and add to the performance probably about 5 HP at a guess.
If you go for any race can you will need a remap unless your model is pre injection, in which case you may need a re-jetting done.
A word on Triumph's CF can, some, but not all, experienced a manufactuing problem where they leaked at the front flange, you should be aware of this.
Other cans that are favoured here are "Staintune" made here in Australia and your "Two brothers" and "Wolf" from the UK. Of course there are more.
I'll let someone else blab about air filters.
good luck.
DaveM