Lou, I think someone has been blowing some smoke at you. The oil filter bypass pressure doesn't correlate to engine oil pressure, it is a measure of the pressure differential within the actual filter due to flow resistance. Typical filter bypass settings are more like 8 - 16 psi. I'm not sure what the current "5 micron" Harley filter bypass is set at, but the older 10 micron was very low, like around 8 psi if I remember right. One of the reasons a filter rated at 15 microns can outperform one rated at 10 or 5 microns, other than the bogus micron ratings themselves, is tied to the amount of oil that actually gets filtered on each pass and the amount that bypasses the filter media completely. Btw, the purpose of this bypass valve is to protect the engine from oil starvation if the filter becomes clogged, with the thought process being that dirty oil going to the engine is better than no oil going to the engine.
As for the engine oil pressure bypass valve in the cam plate, those aren't set at 60 psi either. At normal operating temps, the oil pressure should be in the 30 to 38 psi range at engine speeds of 2000 rpm and up.
Jerry, maybe someone has been blowing smoke, I'm not sure, as I'm still searching. This person on another forum seems like he knows what he's talking about. He claims a friend got info from Harley.. I understand what oil pressure is. If and when I find this in fo I will post it.. Thanks for the information. Lou