I cant answer your question perfectly, but ran across the same thing on my 1989 454. My lines corroded, and I wanted to plug them. I don't do heavy pulling for long distances. 5 miles at most.
I ended up pluging the oil cooler outlets with no problems. You are asking about the "diverter disc" under the filter itself. I ended up finding some good information on a drag race forum. On mine, the lines were tapped directly into the oil pan rail. A guy posted the oil flow schematic so I knew how to plug/bypass. Doesnt directly answer your question, but maybe will point you in the right direction.
I was getting rid of mine though, little different.
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