Here's one to twist your noodle around. Why even use a bypass? A/C compressors use variable displacement pumps in order to help reduce parasitic loss (MPG concerns) when they don't need max volume. Why not a variable displacement oil pump that can be altered to eliminate excess work done to the oil. Less waste heat into the oil, no excess parasitic loss going into pumping oil that doesn't get used. This way the pump also doesn't need to be sized by oil demand at idle/cruise speed.
It's a simple pump design, just not cheap.