NO!!!!! That is the oil pressure relief spring, NOT the oil filter by-pass. By shimming that sping you will increase oil pressure which in turn will by-pass MORE oil past the filter. The oil filter by-pass is in the oil filter adaptor, behind the oil filter. It is a pressed in deal that looks like a freeze pluf with a small black cone in the middle of it. You can remove it and plug it with a "freeze" plug or tap it NPT and install a pipe plug. If you do this, make SURE you have a large oil filter and one that has a by-pass built in. If you use a PF52 filter with the filter by-pass plugged, you will SOON find a BIG oil leak and a dead engine. I had a PF52 blow up in my face years ago experimenting with filters,by-passes, ect. It blew up at idle. Actually it blew the O-ring out of it. I cut the filter apart and it had CRUSHED the filter element internally.
VERY little oil actually goes through the filter in a Stock Turbo Buick. There is the filter by-pass and then the oil cooler by-pass, too. The filter by-pass opens at about 10 psi, maybe even less. Look at the stock oil filter and wonder how in the heck it could ever filter ANY oil. By using a large external oil filter (or the biggie adaptor) you can increase the amount of filtration significantly IF and ONLY if you block the oil filter by-pass. Study the flow schematic of the stock oiling system and you will see right away the engineered flaws in it. But with all that said, the stock system works fine.