You cannot expect a $15 bottle of mineral based oil to do the same job as synthetics, and it is just silly to suggest that it does.
I think you are right although I can expect to pay $21.00 for 5L of heavy duty engine oil that effectively negates me paying any extra for a true synthetic because I don't drive a dedicated race car or run a high performance motorbike whose gearbox munches the same oil the crankshaft bearing use or have oil fired diesel injectors and I will not run the oil long enough to shear.
Even the mineral oil base stock never wears out, the additive packs and viscosity improver's do, synthetic wins on viscosity improver's only - in relevent terms to road/offroad driven and registed vehicles.
Possibly the only time a synthetic comes into it's own above a mineral hdeo or semi synth hdeo is just a split second before the engine goes bang!
By the way Amsoil is a better oil than Mobil 1 but Amsoil would have a hard time if compared to Mobil Delvac 1 which is a few % cheaper.
Does anyone have a brand name or something for the bypass filter set-up. It seems to me that if I run a bypass filter I will get more from my oil no-matter what oil I run.
Or did I miss something?
No you didn't miss anything, but within reason -leave the Kmart brand oil for use in your mother in laws car

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The downside is unless a person is just interested in this type of stuff or is going to keep the car for long enough to get a payback in dollar terms a bypass may not be worthwhile. If I sell my car I will pull the bypass for the next car but should see my money back before then because of the extended drains.
See the Ricks link above for some bypass brands.
Toilet paper (or TP like elements) are still the most cost effective and some still say most efficient bypass around.
cheers fnq
*JUST LUV IT* 96 GQ LWB TD4.2, Cav, Kings, Dobinsons, Motorguard, Enginesaver, 400 pro, Cooper ST's (rolls eyes), fleetguard oil filters, Delo 400 engine oil, Delo ESI gearbox oil and an RTC.