Modern cars do it, and the engines last a long time.
There's a reason the manufacturers went to full-flow oil filtering, and on these older engines I don't see how volume makes any difference.
If you are taking 100% of the oil and putting it through a 20-40 micron filter that has an anti-drainback valve on it (most all do), then you aren't starving the bearings for oil (even at start-up), and you're removing all of the junk that the oil can't suspend - the same junk that eventually eats your bearings and cylinder walls in an unfiltered or bypass filtered system.
