Yes. You can run the m1-301.
I take care of a 2003 jeep grand cherokee 4.7 V8, and a 2006 jeep wrangler 4.0 I-6.
BOTH engines spec the M1-204 oil filter. I have run the M1-301 filter on BOTH since the beginning. Nothing horrible has happened.
You can cross reference the specs on the wix web site. The M1-301 is a WIX 51515, and the M1-204 is a WIX 51085. ALSO, the 51515 has a better beta ratio. The 51515 is 2/20=13/23 while the 51085 is 2/20=15/28.
SO, you get better filtering, more oil capacity, & more filter element area. There is NO reason NOT to go larger.
Seriously.