Do what you like (with any stovebolt engine), as long as you:
Change oil (and filter, if you have one) regularly.
The by-pass oil filter is effective.
It has very little impact on oil pressure.
If it measurably impacts oil pressure, your engine needed/needs rebuilding.
Use detergent oil (it keeps "junk" in suspension - to be caught in the filter).
I agree with Dragsix: "I change the oil every 3000 or once a year if under three thousand. And remember, the nice detergent oil that we can get these days is pretty good and better then the straight grade oil of yesteryear. So my vote, just Change the oil a little more frequently."
If you have an older Stovebolt engine, that used non-detergent oil (pre-1954, usually), there will be junk in the oil pan. That junk might go back into suspension after a change to detergent oil. The best precaution would be to remove the oil pan and clean out the junk/deposits.
