The nomenclature I just read said "does not fit models with lower fairing glove boxs". I would think that means it would hit, I've never seen them on a bagger so I don't know.
As for the air being blocked, yea behind the lowers is probably a dead air area, so you would not get all the advantages of flowing air, but air would not be "blocked" to the filter. Looks kinda pricey to me for a k&n on a tube.