I asked several filter engineers in interviews what the shelf life of a filter might be. From some, I got very PC answers like three and five years. Off the record, there is not a time limit but one said that if he saw rust on the filter he would assume that the filter had been exposed to excessive moisture and wold not use it. Moisture and cellulose media don't always get along. Thing is, you don't know what it looks like inside. And some of the "rubber" parts inside (ADBV) may have hardened and may not work as designed. If it has a metal bypass, it could be corroded closed.
That said, the odds are good it will be fine but your odds of a problem are much greater than with a new filter and you have absolutely no hope of any help from AC if things go bad.
Finally, oil filters of this era are generally inferior to what you can buy today. Why use yesterday's technology? For $4 you can buy a Puro Classic, for example, that will kick this overage AC's buttocks. The only thing I might see is if you have a vintage car and wanted a period vintage filter on it.