This is a good idea until your oil filter clogs and your engine is starved for oil. I did this same thing on a new rebuild running a K&N filter. Less than 500 miles on the filter. After a deeeep water run the OP started dropping. I shut it down, dragged it back to my buddy's house and changed the oil filter. OP went back to normal but the engine lost 10lbs of pressure at idle. Hurt the cam bearings most likely. Glad it wasn't worse.
on a new engine your going to get a lot of crap like little metal shavings these will not get filtered with a bypass adapter. you lost pressure on your new motor because at 500miles you should have already changed the filter and oil a few times. im sure the only reason they even put a bypass on the gm block is back in the day on cold start ups it would break the filters this is what ive read all over. now ive seen bearings with bypass and with out its a no brainer. why would you say not to plug the bypass.