Matt,

If you choose to go the full-flow route, you would have to do some modification to the block.
http://www.stovebolt.com/techtips/full_pressure.htm

The by-pass filter system works fine.

Jim Carter sells a by-pass filter "head" that uses a spin-on filter.

If you want an original-style by-pass filter, post a want-ad in the Swap Meet (or, ask Jim Carter if they have a used one - you might as well ask if the have a 1954-style used one).

http://www.stovebolt.com/techtips/engines/oil%20filters/index.html