Yes installing a remote filter is possible.
On my 240d I have a frantz filter installed.

The best place to tap into the oil line is at the input for the oil pressure gauge, the T fitting is hard to find, but it is available from a few places, and there is not need to drill anywhere to find an oil pressure point, the fitting size is 12x1.5 mm, and make sure the T has a hexagon shape otherwise it will not fit.

When working on removing the oil sender hose to install the T, use a nut wrench such as
http://www.harborfreight.com/5-piece-metric-double-end-flare-nut-wrench-set-99993.html
since it is normally very tight.

Here is a link for one place that has the T:
http://www.speedograph-richfield.com/html/oil_pipe_lines.html
the part number is TP6

When installing the 1/8 hole has to face the opposite direction of the MB filter so that you can use a 1/8 x 27 NTP fitting, otherwise a washer on the T may help so that the 1/8 faces a different position.

Since the bypass filter uses a restrictor 1/16" in diameter, the oil pressure gauge will keep working normally.

For the return I use an amsoil swivel fitting, but rubber stops for the hood were a little worn out, and made a little dent on the hood with the swivel fitting, I have replaced the rubber stop for the hood, and the amsoil swivel fitting seems to be working but there is almost no free clearance for the hood, but a better location for the return is probably the valve cover.