The early engines (pre 54) had 'low oil pressure' systems, running 15# normal pressure. Later (54-62) they ran double that and more in some conditions.
What does that have to do with the issue at hand? A '54 engine is full pressure, and he has converted it over to full flow as well.
The filter options on trucks with the 261 had the filters mounted on the firewall using 1/2" lines. This is how the factory did it. Passenger cars had the same as pre 54 until 1963 when the filters were mounted on the right side away from the hot exhaust.
I don't know what filter you're refering to, but I have never seen a "factory" type filter mounted on the firewall, that goes for bypass and full flow. I have always seen them mounted on the intake. Even my official Chevy parts and accessories manual shows them on the intake.
I am told that 4X4 vehicles with the 261 engine were mounted on the manifold from the factory but this was an "option" or 'special order' etc.
Starting in '59, all 261's had the engine block that would take the 1/2" lines and could be setup to be either full flow or bypass depending on whether you left the pin out flush with the block or pushed it in. Whether or the filter was "optional" has nothing to do with the issue.
Back in 'those days' commercial oils had not been developed yet and 'full flow' filters were new too, with Ford V-8 engines having some of the first in 1953.
Today; It's a totally different ball game.
Commercial oils keep their detergent active for about 4000 miles. Changing oil then negates the need for a filter in non-commercial usage.
My understanding of what detergents do is to help keep all the crap suspended in the oil so that the FILTER can remove them. Which would mean that the longer you run unfiltered oil, the more crap is floating around in it that can get embeded into the bearings, etc...
The "don't sweat it" attitude toward fire safty is foolish advice.
Obviously you don't get it, I was refering to the fact that you CAN run a filter without causing a fire. You take one incident of somebody not doing it right and paint everything with the same broad brush.
I run a '60 261 with fentons and a trans-dapt remote filter setup and the lines miss the exhaust by a couple inches. Been that way for years without an issue.
High power magnets on the bottom of the pan work well except with 4X4s.
Why not, it's not like there rolling around loose in the pan. You can always go with the filter mounted magnets, assuming you ran a filter...