It depends how serious you want to get.
The basic approach is to use a high quality filter in the factory configuration. This leaves the bypass valve in place, which means the engine may see unfiltered oil at times. That usually isn't an issue, and plenty of race engines last just fine this way. My pick would be a Wix XP filter. The element is very tough, the synthetic media flows well, and the filtration efficiency is good for a street engine.
The race car approach is to eliminate the bypass valve, and run a coarse filter that flows enough to not need the bypass. The engine always gets filtered oil, and any particles large enough to cause major damage never make it to critical parts during the race. Since there is no fine filtration, this isn't the best idea for a street engine, though it may work with frequent oil changes. Wix Racing oil filters fall into this category.
I would consider the air filter choice to be equally important. Stay away from any filter you can see daylight through. Wix Racing filters with HEE media have good CFM flow, but still filter fine enough for dirt track use.
For oil, I've had good results with Mobil 1 0W-40 or Redline synthetics.