Coolant filter hanging off the fuel filter tower is easy and convenient.
If you decide to run it in full-flow mode you'll be able to reuse the hose from the heater core to the water pump as is, no changes needed to it. The hose from the head to the core will also likely be long enough to reach the coolant filter once disconnected from the core, but you'll need a 3rd piece of hose to run from the filter to the core. As convenient as it may seem to leave the core feed line alone and just hook up the filter inline with the return line to the water pump by cutting that hose in two, I'd advise against it as should your filter plug up it will be the core taking the pressure of the coolant being pumped out the engine head - whereas if you plumb the filter between the head and the core when the filter gets plugged up it will simply stop flow to the core thus letting you know that it's time to change the filter.
In bypass mode you'll be both adding the aforementioned piece between the filter and the core, AND cutting the return hose to the water pump in two. Just a bit more work, but still nothing too fancy or anything.
Most filters seem to be designed for bypass operation, yet there are some folks running them in full-flow setup on their IDIs. Your call how to do it I guess...