The oil coming from the filter outlet has already been metered through a 1/16" orfice inside the filter standpipe, so all the gloom and doom predictions about over-oiling is probably hyperbole. That being said, unless the internal oil passageways intended to lubricate the rocker arms are blocked for some reason, it's better to do it the way the factory intended and just dump the filter outlet back into the oil pan. If you're running a Babbit-rod engine, a 216 or an early 235, the rocker arm lube circuit is exactly where GM chose to send the filter output. They changed the routing when they went to pressure-lubricated connecting rods instead of spray-oilers.
Jerry