No problem.
One other thing concerning the '59-62 261's, these have a pin down near where the front hose hooks into the block. If this pin is "in", then you need to worry about a bypass, if it is "out", then it is in bypass mode and you don't really need the extra bypass in the filter.
Having the pin in and an external bypass is the prefered way to go.
There's alot of opinions about using a bypass filter or leaving it off. My opinion is to use it as long as you have enough oil pressure to support it. Some filtering is better than none, especially since detergent oils are intended to work in conjuction with a filter. If the engine is tired, blocking it off to get an extra 5-10 psi at the bearings would be acceptable in my opinion. It's a debate that has no end...
