I am only using PermaCool sandwich adapters, but they do have a bypass valve that looks like a steel marble on a spring in a hole that looks to be about a quarter inch in diameter.
Many people drill a small hole in the adapter in addition to this to bypass more so the hoses and filter will see even less pressure. I drilled a one-eighth inch hole, but I think Ralph says to drill 7/32.
Even with the bypass valve and the drilled hole, all the oil must still go through the full flow filter, but the hoses and bypass filter have less pressure on them.
I would think that the best filter for the full flow in this setup would be one with the least restance to oil flow, not a restrictive one that cleans a little better (since it does very little cleaning) but I am not sure what type that would be.