Not trying to be a jerk, but if the extra $2 puts you over, maybe you shouldn't be drag racing. I'd anti-up for the better filter.

There are some links in the thread below that provide a good read:

http://minimopar.knizefamily.net/oilfilterstudy.html

If by generic, you mean the factory set-up, then yeah, the oil pressure during dragging will not cause a problem. You'll actually get a larger pressure drop (and corresponding head pressure build-up) using a finer filter, especially one with no by-pass.
If you're going into drags big time, Jon Rhodes at Eurotrix is the guy to talk to; he's a pro.

G'luck.
Tom