I would like to throw my 2 cents into the ring if I may.
While I don't have a multi, and have never really studied this particular engine, except for the discussions here, I do know something about engines and oil systems, having modified a number of engines, including a Ford SOHC427 w/ oil pressure of 85-100psi hot, a 14 sec quarter mile slant six w/ home-brewed cross-drilled crank, and a 230 Jeep/M715 hemi six with modified two-way oiling system and remote filter. All of these engines run the long Ford truck filters (Fram # PH977) w/ internal bypass.
The easiest thing I see you can do to the multi is remove the oil cooler/filter unit completely and install a diverter plate, piped/hosed to a duplex filter base for spin on filters with internal bypass valves. The back of the WIX book is full of information, including all dimensions for their filters, internal bypass valve options and micron ratings. They also sell a number of single and dual bases in various sizes. Fram (not my favorite) does sell, for the racers, a very heavy large filter/base unit that also is a possible candidate. If a simple temperature gauge is installed on the outlet of the filter base, you could determine if the oil temperatures are running too high or low and correct for it using an air to oil or water to oil cooler plumbed into the outlet line from the filters. It is my opinion that you want to run 190 to 220 degrees for the oil temperature during normal to heavy operations to keep water and acid from forming. A plate type air to oil cooler is not as sensitive to overpressure as a water to oil cooler and should not need a bypass/relief valve. The system relief valves still in the engine should protect the cooler and filters from over pressure and maintain system pressure at the design level.
Just my view on the subject and maybe all wet! Thanks