[somick]

The filter's by pass valve is set for a specific pressure on a specific engine. When the main line is clogged the valve will open. As long as filter and oil are new there is no cloggs, but in the future it may damage the engine.
Replace filter with a new one and that would be it.

Since all the oil (almost all) will be in the oil pan you will loose only a little bit of oil. Top it off and that is it.

I would do it on the cold engine so the oil will be a little thicker.

Good luck,

Sam