The stock Packard oil pump gear case is about 3in higher in the sump than the Olds HV oil pump with adapter. This is because the original pump had the vacuum pump assy on the bottom. So -- due to oil level, if there's air being sucked into the oil to cause the potential aeration problem described above, the new Olds pump would eliminate it.
IMO, relocating the oil filter is just a band-aid, just like the late cam plate is a band-aid. If the oil pump is worn out and/or the clearances have opened up, only a new, bigger volume oil pump will solve the problem of low oil pressure and it's symptom of clacking lifter(s).
BTW, even with an overhaul to tighten the crank & rod bearing clearances, you cannot easily do anything about the cam bearings and lifter-to-lifter bore clearances. Hence, only more oil volume is the only real solution.
For those who haven't seen it, here's the Packard V-8 Club website from 2006 explaining the Olds HV oil pump fix:
http://www.1956packardpanther.com/PV8C/PV8C_OHVOPA.html Craig
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