Our very early LA 273’s ran this bypass filter system because yes, the RHD steering box was in the way. I remember playing with one of these in the late 70’s that had come out of a twin engined rail and being a bypass system we ended up doing away with the filter completely and opted to change the oil very frequently!
Later Aus engines run the US style block and a remote line system that places the filter up on top of the intake. Can be messy with filter changes and this is one of the reasons that a lot of us choose to relocate the filter.
Personally, given the lack of oiling port options I think I’d retain this system and bend up some nice neat stainless lines and give the canister a fresh coat of paint. I guess it depends what look the OP is looking for, resto or restomod?