The Trasko is close to being a top choice for a spin-on bypass filter, but it has a couple of weeknesses, aside from having to handle the oil-soaked toilet paper, replacing seals and screwing the filter together correctly.
It currently does not have an anti-drainback valve, so if your filter does not hang down, the oil will drain out after sitting for several hours. This can cause more noise from the engine at startup once or twice a day.
Also, as far as I can tell, the filter will not completely bypass the filtering mechanisms if the screen plugs up like a spin on does. If that screen plugs, your engine gets no oil, or less oil than it needs. I realize this is probably a very rare occurance, though the thought crossed my mind when I saw how much crud was in my cut-up spin on filter after an Auto-RX rinse phase.
I think Trasko is still developing the filter, and maybe soon will have the ideal spin-on bypass, I hope.