No, that Ford / Motorcraft filter isn't a swap for it although some Motorcraft and similar ones are.
Yes, Jerry...what was the old saying "bowling balls and gravel will be filtered out...smaller objects possibly not" or something like that? Still lots of folks use them. However, these as I recall were rated for 25~30 microns so they're in line with what Toyota and Subaru require and those engines as you know are built to much different tolerances than the Stovebolts.
These as Jerry mentioned are not to be used in a bypass application. As you might recall I ran the lines from my oil pump over and out where the fuel pump used to be and connected everything with compress fittings so it can all be removed if the crank needs to be dropped.
~ Jon 1952 1/2 ton with 1959 235 | T5 with 3.07 rear end