Yes, I think so. If I were going to fool with doing a full flow conversion, I'd pull the plug all the way out and thread the block for a screw-in bolt instead of the press fit plug, but that requires a complete teardown to a bare block to keep cast iron chips from contaminating the oil passages.
The "full flow" concept is a giant leap backwards in oil filtering. Running a filter with a loose enough weave to flow all the oil volume needed to keep the bearings lubed means none of the oil gets filtered efficiently. Like Carter used to say about fuel filters, the average fuel strainer is there to catch "rocks, marbles, and bowling balls". The same can be said about full flow oil filters. A 1-micron hydraulic oil filter in a "bypass" configuration will do a good job of keeping motor oil clean, but it won't flow enough volume to keep the engine lubricated.
Jerry
