Sure SOME inline filters can do what you describe but if you will investigate the one I recommend (and have used on the VX and the ML) http://epntz-filter.com/sect1b.asp with incredible cleanup results (I'll post results soon from a 30 day before and after test)! All of the fluid is not forced through the filter but rather a percentage is bypasses each time - it takes many passes to clean the fluid and in the event of a blockage, has a failsafe bypass. PPNTZ designed this filter for Ford and cut their tranny failures by over 40%.
The fluid to the cooler IS under reasonable pressure and not just suction from the pump as evidenced by cutting the line to install the filter and turning over the motor just a click and over 8oz of fluid comes shoolting out. Everything I recommend here I USE first BEFORE talking about it. If it doesn't work for me, I can't really suggest if for someone else.
4L30E tranny pressures are much higher than you state Joe, running as high as 150psi during hard shifts - put a guage on the fitting on the driver's side of the tranny. 4 micron debris vs 80micron debris floating around and through the transmission - which is better for it? Or maybe all these inline filter manufacturer's are in cahoots with the tranny manufacture's to cause early failures.....