I think that filter would be fine. The specifications for the bypass are 12-15 psi, so you're in the range.
Another filter which is a little taller 4.5" long is anyone of the following: Motorcraft FL-400s, Purolator L20195, Fram PH5, Purolator Pure One PL20195, or Fram Tough Guard TG3600. I like the Pure One or the Tough Guard because of the smaller pore size media they have in them. I figure anytime you can reduce the amont of dirt flowing around the engine it has to be good.
I also think the Fram's have gotten bad press because of there paper endcaps and poor bypass valve on the regular frams. My logic on that one is the filtration media is a paper blend, what can the caps be? All the caps need to do is hold the potting material and stay put. Also the the Tough Guard has metal caps and a better bypass valve, so the above becomes a non issue.