May I lend a bit of knowledge to all this?

I work as the Associate Winemaker at Fenn Valley Vineyards, near Fennville. We "sterile" filter many of our wines going into the bottle. The Germans have done this for years as a matter of keeping wines with residual sugar from starting up again while in the bottle. We use a Clariflow 0.45 µ filter rating for this. At 0.45µ it is enough to stop ALL yeasts and many bacteria. 1 micron is .000039 inches in diameter and to give relative examples...
Diameter of average human hair 70 microns
Lower limit of visibility (naked eye) 40 microns
White blood cells 25 microns
Talcum powder 10 microns
Red blood cells 8 microns
Bacteria 2 microns
Carbon black 0.6 microns
Tobacco smoke 0.5 microns
So to be all fair, given the above statement about engine life, then anything in the 2 micron (bacteria) to 8 micron (red blood cell) should suffice to give the oil a clean enough condition to EXTREMELY lessen wear. Grant it, 0.5 would be nice, but let's look at practicality. The tighter it is the harder it is to push oil through, and the less volume will be going through. Also the "extra" bit of miles you could "possibly" get from polish filtering the oil, is it measurable to the engine in wear or lack of? I doubt it.
I'm 53 years old and it seems like there was something of a sort of bypass oil filter on cars and trucks back in the 50's?? Correction anyone?
Here is a link to one that is using toilet tissue for filter media.
http://www.bypassfilter.com/faqs.htm
Seems like this is what they used back then. Cheap and effective.
When you filter you have 2 styles of filters. Depths filters and absolutes. We use 40cm X 40cm depths filters to prepare wine for bottling and to clean it up. Different grades of filter pads are used that have different "porosity" for the wine. A pad filter is a "DEPTH" filter, meaning it is like a beaver dam. The dam filters out large dead fish, and debris as long as the flow is not over done and consistent, same as a depth filter. Debris gets trapped onto the cellulose of the filter media and is held there until either back flushed out or disposed of. UNLESS you force fluid through a depth filter faster than what is 'nominal' for it and then the particles break apart and move on through the filter, thereby decreasing the overall effectiveness of the filter to begin with. Key is constant but not extreme pressure.
Absolute filters are a bit different. Imagine a ceramic tube with holes drilled in it. The hole is 1/4" in size and you have marbles going across it at 1/2 in size. They cannot pass through, no matter HOW high the pressure is, and are a lot more prone to plugging than the depth filter, such as the oil filters and toilet paper method.

But, when you absolutely have to have tight tolerances for what you are filtering, they have a lot more latitude in flow than do the depth and do an excellent job for their life span.
The one thing I would see as to be beneficial to bypass filters would be dual pressure gages. One for oil on the inward side and one for oil on the outward side on pressure. Then you can look at the two gages and tell how much the filter is plugging or absolutely plugged by the differential pressure across the 2 gages.
:cheers: