You can do a bypass for under $200 if you hunt around... you can actually do a bypass for under $80 if you really wanted.
There are a bunch of choices... some ore more labor intensive than others. Some are simply spin on filters with remote mounts (Amsoil and Baldwin), while others are rolls of paper towels (gulf coast filter) or toilet paper (small gulf coast, Frantz, motorguard). Others are literally balls of string (oil guard)...
You need to decide how much you want to change the element, and the the element's change interval; then pick accordingly.
I think the best bypass proven to date is the Frantz Gary runs, but it requires element changing every 2k miles. The cheapest uses Baldwin filters and remote head... I remember one owner making his kit up for under $80. It all depends on what you want...
With that said, I have a Gulf Coast 0-1 I bought on eBay for $125. I have $50 in hydraulic hose, and another $15 in the swivel fitting on the oil filler cap. I know I have another $10 in misc fittings. So for $200, I have a large, very effective filter that only requires changing every 10k miles.
You can search my name and Gulf Coast Filter, I provided a link to the ebay seller that has the Gulf Coast's used... if you are interested.
steved