Think the biggest problem with adding the modern oil filter on those I8 engines is the passage from the pump does not come out of the engine before feeding all the bearings. It comes out after the bearings are supplied and then goes back in to just feed the lifter gallery. You might be able to do something interrupting the the pump circuit along the lines Craig did on his full flow V8 conversion but since this is a totally different pump design with passages cast in the block immediately after the pump, don't know if possible or not. If there is room under the engine mount, you might be able to add some kind of plate between the pump and block to divert and reinsert the flow. Of course, that would need a longer pump shaft as well.
If you are thinking of keeping the partial bypass system, then there are adapters for older filters where a spin on goes inside the canister. Different unit completely but something like that could probably be made for these canisters.
Im just in the process of wanting to get a top end job for the thunderbolt (serious valve clatter;needs a top end rebuild ) and to have the ultramatic rebuilt , I missed a kit on ebay to put a modern automatic in the car with an adaptor plate ,a transmission ,even a little thingie for the coloum with the different pattern of shifting on it to replace the stock, but it was gone quick i also am wondering about the ultramatic rebuild vs trying to get a newer trannsmission ,then someone who has the skill to do it ,I saw your in the valley ,know anyone bay area ? is there a type of transmission folks usually use ?,I have a 327 in a 52 .
btw does your car have a 2 bbl or 4 ? if its a 2 getting a 53 4 bbl intake is a direct fit and you can adaptor on any new 4 bbl carb for some extra fun ,ive also had great luck eliminating the points and getting a 6v alternator