Airbox all the way.
The 84-85 KX125 airbox isn't really a hassle - slightly annoying carb access is its only real failing. They're not restrictive, the filter is easy to access, you can see if the filter is seated, blah blah.
I've run bikes without airboxes in the past. It's not a total disaster, but they hate water, the filter gets dirty ridiculously quickly, and it usually costs power... Not sure where the wins are...