I am asking the following questions as "better" can have many meanings and I would like to understand how and why this filter is better than other options.
Does that mean that it removes more stuff from the oil? or that it filters smaller particles from the oil?
I don't fully understand your motivations but I will try to explain my use of the term 'better' for you. Given the options currently available for an original style 1927-1928 oil filter, which include either an original AC filter or the reproduction unit, I personally have a higher degree of confidence in the ability of the reproduction unit with CH820PL3 to filter smaller particulates than the original AC type loosely packed with a wad of steel wool. This is based on personal inspection of the contents of both types of filters.
Is the flow rate and % of oil circulating through the filter greater?
A couple years ago, I performed a simple test by connecting a two-foot long section of clear vinyl hose inline with the oil filter. I measured the amount of time it took the oil to travel across the section of hose after starting the motor. I tested an original AC filter I had previously backflushed with gasoline to clean it, a modern reproduction AC filter, and a spin-on remote oil filter adapter I rigged up. The differences were not significant. The restriction at the input end of the oil filter limits the flow rate. The % of oil circulating through the filter is a function of the flow rate.
Is the oil flow to the bearings reduced or increased?
Given that the 1927-1928 oil filtration system is bypass design, oil flow to the bearings remains the same regardless of the flow rate through the filter.
Is the oil circulating through the bearings a better lubricant with this filter?
The oil filter does not change the chemistry of the lubricant.
Is the flow rate to the bearings sufficient to keep them well lubricated and cool?
The flow rate to the bearings is a function of the oil pump, the splash system including the rod dippers and the depth of those dippers into the oil pan troughs, and the center main squirter. Again the bypass oil filter system does not affect the flow rate to the engine bearings.
Will use of the filter result in a longer engine life? Better performance? or ????
I don't have enough emperical evidence to answer whether the use of the filter will result in a longer engine life. I doubt it will result in any difference in performance. As to other questions, people will have to use their own judgement. I am but one voice in a crowded room of strongly held opinions.

Cheers!