The GM turbo will flow 20+ psi through it, whatever the density, I do it all the time, and it wont drive IATs up in the sequential mode because it wont be using the turbine to drive it after 10psi, but it will be a restriction in the intake, but so was the EGR system and it still worked. The problem with using two air filters is then you also need air intake block offs, because they cant hold the same boost on both turbos, so they will end up opposing eachother or just losing boost out one of them. Its way more complicated when using two turbos in sequential mode drawing separate air and feeding the intake separately. You would just be better off with twin turbos that are exactly the same.
In the compound setup the GM turbo also is not a restriction.