New member with 1984 ATC 200S questions
The pod filter you have can be OK for just general riding around, but if you get into mud or even puddles, it can easily become a problem. The OEM airbox routes fresh air through the frame of the bike, and therefore you can really get these things deep in the water and they'll be OK if you use it. If you're just cruising around the pod filter will work. Any serious riding and it could become an issue.
The hole in the pipe isn't a big deal. You could touch it really quick with a welding machine, or possibly braze or solder it. Exhaust wrap would work as well.
As far as the compression release, I'd recommend fixing it.
Edit- Gabriel and I were posting at the same time. Nice post Gabriel!
85 Tri-Zinger 60
85 ATC250SX
86 ATC250SX
87 ATC250SX
02 XR650L conversion
84 ATC 480R