air intake? or other problem

Ford F-150 - 1994, 5.0L V8 302 with MAF
its like it gets choked, like it has asma at times, pickup is down. Mileage is not much effected. Engine light is on, mechenic says something is wrong with the MAF.
It has a larger aftermarket MAF, been there for number of airs along with K&N air filter.
another mechenic says replace the air tubes which connect the throttle body to the air filter.
There is some pinging when trying to accelerate at times.
I am thinking following:
Put a new K&N FPIK kit the one which comes with the air intake I think its called the called the cold air intake kit part number 57-2543 from K&N, also thinking of cleaning the MAF or putting in the stock back on and then resetting the codes.
truck also has underdrive pulleys with smaller alt pully, new belt, new idel pully and new tensioner, the charging is over 14.5v, when all the lights are on at night, the charging needle does go down when the truck is at idle at a red light
, idle rpm is around 650.I don't know where the O2 sensor is located, I did a search but could not find out. I don't know if I should replace that or not.
What do you all thing, please help

Some pictures of the sick truck for your enjoyment





