Properly installed with a flexible fuel line, the felt clunk works extremely well at keeping the engine supplied with fuel even during violent maneuvers, keeping bubbles out of the fuel supply and keeping it clean, and using up all the fuel in the tank.
However, for even further backup, I've had an eye on this clever new product with interest:
http://www.jlproducts.net/ProductQuikFire.html
This product if used, might be a good argument for using the simpler two line fuel system setup instead of the three line. By the way, I recognize the filter element itself, and you could purchase a replacement if necessary at any auto parts shop.
AV8TOR