I run 6 qrts in my 49 216 without any problems. This puts the oil level a little above the full line mark after it's drained down after shutdown.
My engine weeps oil at about 1 qrt every couple hundred miles. Most comes out of the rear rope seal and out the valve cover vents as a film I smell in the cab. I think I finally got it stopped around the pushrod gallery pan LOL.
As much splashing around these old oil slingers do I wouldn't worry about running 6 qrts with a bypass filter. I certantly don't LOL.
