Just as a point of comparison, filter installing is a big issue over in Moto-Guzzi V11 land. The filters are similar to the K-bikes; they go in vertically through a cover in the sump. If a filters loosens it is not visible (unlike an external filter which will start leaking), it can cause a drop in oil pressure, which has been the cause of some bearing failures.
The "belts and braces" approach, which is seen as "extra insurance and peace of mind", is to install a hose clamp on the oil filter so it cannot work free (it's not for the extra tension, it's because there's something in the way and the screw on the clamp cannot rotate by it). This, however, necessitates the removal of the lower sump pan at every oil change, because the hose clamp must be removed before unscrewing the filter.
The other complication with the Guzzi engine, and I have not seen it mentioned here, is that the old filter gasket stays in place, then the new gasket (with filter) gets installed on top, and the two gaskets do not create a good seal.
Long meandering semi-relevant post... but back to our over-tightening issue. The recommendation for the oil filter in the Guzzis is 1.25 turns past gasket contact. This turns out to be suprisingly tight, but it can still be removed.
Any way - I had a low oil pressure issue on one of my Guzzis that took me a long time to find. I cannot tell you how many times people suggested checking and rechecking the filter (common cause of low pressure issue). FYI, the problem on mine was a missing tab on a gasket near an oil journal (causing internal leakage). Just this small tab missing made the difference between 20 PSI and 70 PSI at normal riding speeds. (and 5 vs. 25 at idle)
Soooo... the pressure was still high enough that the oil pressure light didn't come on. But I installed an oil pressure gauge right after I got the bike. Had I not installed the gauge, I would not have been aware of the problem and almost certainly would have had premature wear.
And finally getting around to F14s question - I think a loose (or missing) filter on a K-bike would work the same as on the Guzzis - a total loss of oil pressure.