No, the TP oil filter is not an old joke like cow tipping or snipe hunting. Yes, there are TP oil filters, and yes, they are solely bypass filters.
Frantz is the most popular maker of filter housings that use TP rolls as elements. Motorguard used to be in this business as well, however while they still make TP filters, they only market their product for compressed air filtration (think auto body paint shops and other uses where dust in the compressed air is bad). Apparently some of the components in currently manufactured Motorguard housings can't stand up to the heat of motor oil, so they shouldn't be used in that application. I do have a Motorguard in my truck as a coolant filter, and it works just fine there.
This thread should probably be moved over to the bypass filter area.