I have studied these oil filter setups on the stovebolt. I am in the middle of a engine R&R right now and the plan is to install the bypass oil filter system for startup and break in. Then after I drop the break in oil, remove the filter all together. Truck will get its oil changed every year and get about a 1000 miles/year on it maximum. No need to fuss with canister bypass filters in my opinion. I think the majority of filth that gets in these engines comes in by way of vented valve covers and valve cover caps, anyway. Ever see the valve cover on a 1954 chev car or truck 235?
If one is serious about keeping the crud out of the engine, they will first address and consider a adequate PCV and or filtered breather system. Just my .02
Steve
Check out this website, some good reading here for sure:
http://chev235guy.blogspot.com/search/label/Oil%20Filter%20Myth