A good thing to do unless it's a super rare one. Paper is much better. This is a very common modification. The modification differs depending on oil bath. The mod is straight forward. Tear out what you don't want and leave what you do. Find a round style paper filter that fits.
There are lists on the web with sizes and part numbers.

Right is right, even if everyone is against it, and wrong is wrong, even if everyone is for it. - William Penn