Cleaning the stock air filter 1st gen 85 vf700?

I just noticed my air filter on my 1st gen is decently dirty. I'm sure it was never changed. The bike seems to run and ride fine and I'm close to my budget on this project. This isn't a bike I plan on keeping, it's being painted monday and going up for sale.

Is there a way I can just clean the stock airfilter, maybe compressed air? Will cleaning with water damage it? I'm sure most of you are going to tell me to go grab a new one. Thanks, Ray