Lots of info available on the bypass filter in the search section. I discovered that plugging the 1/8 NPT supply and return ports, gave me an additional 5-7 psi of oil pressure. Being that the bypass filter only filters a limited amount of oil at one time, I felt that the additional oil pressure to the bearings was a fair trade-off.
Once you establish your operating oil pressure without the bypass filter, you can decide whether you want to sacrifice the additional oil pressure.
Secondly, the filter can/filter need to be filled with oil after changing out the old filter, to avoid pressure bleeding off from the system while the filter and can fill, and come up to pressure. This period of time, without full oil pressure to the bearings would have a negative effect on bearing life. Changing my oil a little more frequently seems easier than changing out oil-starved bearings. Maybe some others will add their thoughts. Hope this helps.
Dave