I have gotten the block cleaned up and honed and now I look at the full flow filter plug. It is presently in the out position. It had a nice center punch mark that I could use to drill and tap a blind hole so if I ever wanted to I could pull it back out per Hot Rod Lincoln's idea.
1) How deep can I drill?
2) How hard do I need to tap it to get it to move? I have seen warnings not to do this lest I crack the block.
I like the idea of a full-flow filter in conjunction with a Franz filter, if those are still available. There were several on a fleet buses I took care of years back and they did keep the oil clean, as did the Luberfiner 750 on a Mack Thermodyne diesel that served the same purpose. It had a cloth sock over the filter element as I recall.
Another advantage of the full-flow filter is that I could plumb in an oil cooler in series but I would want a thermostat too.
3) What might be the downsides of such an arrangement aside from springing an oil leak?
I have decided to use one of the serviceable cams I have, either Howards or Crower, with either the lifters that came off the Crower cam (numbered) or refaced lifters on the Howard's; and use the long tubular pushrods I already have. That solves the cam and lifter problem. I can't find a cam I like on-line.