bypass oil filter vs full-flow oil filter

The terms "passive" and "gravity" could have different meanings for different people.
It could be argued that both are passive and that gravity is at work with both/neither.

The full-flow filter system/canister filters all of the oil.

The bypass filter system/canister filters a small percentage of the flowing oil, eventually filtering all of the oil after a period of time.

I seen no significant advantages/disadvantages under normal driving conditions. I have used both types of systems.

If I bought a new 261, I would probably keep using whatever type of system cam on the engine.
If the 261 did not come with a filter, I would probably put on modern/spin-on filter adapter (and push in a special pin/plug on the block).