Yes, definitely! The normal flow goes through a 1/16" restrictor orfice in the filter standpipe which prevents much pressure loss. Running a 1/4" diameter line right back to the oil pan with no restriction will seriously starve the bearings, particularly if we're talking about a splash-oiler. You might get away with taking some shims out of the rods and tightening up the clearances if it hasn't pounded the crankshaft out of round already. Drop the oil pan and do a good inspection of the crankshaft- - - -you might be surprised at how tough those old cranks can be!
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!