can a paper filter clean down to X microns? Sure, and there's years of experience to prove it.
can a reusable filter clean down to the same x microns? theoretically yes. Will you gain power? maybe. Will it be more economical compared to a new paper filter? doubtful.
And what is most likely to fetch the most consistently high quality filtration, replacing a good quality paper filter or cleaning and reoiling the cotton filter? And what is the likelihood of getting oil on the hypersensitive MAF sensor?
Here's a discussion from a corvette forum on the issue. To be quite honest, a paper filter is inexpensive and nearly guaranteed to work 100% of the time, while the cotton filter requires maintenance to keep it working correctly.
Worst case scenario with a paper filter if you're a couple thousand miles behind on replacement is that the acceleration is less peppy. But with the cotton filter, you risk damage to the engine.
I personally don't like to take such chances with a good engine.