You can't get PF51 anymore that I've seen. Even GM lists PF52 for anything that called for it now. Yes, the only dif is the anti drain valve, and yes again it won't hurt and is preferred to have that on the L4. If you had a car with the filter opening straight up, the PF52 would still be ok just the valve doesn't do much for you at that point.
For Fiero... The 84 is the only L4 that actually calls for the long filter in an effort to slightly increase total system volume. It can be used and is even listed for 85-87 depending on brand. (Some brands don't offer the short filter.)
I use the long filter partly for the same reason as the 84... But also because it's a hell of allot easier to reach. That extra length makes filter replacement significantly less annoying.
For service life, the short filter is just fine. If you plug one up then something fairly major is going wrong. Assuming same brand/construction, you don't gain allot, if anything, in terms of service life from using the longer one. Mostly the two things I just mentioned are it.
Also... whenever you use the long one, make sure you buy enough oil. You'll need a little more than spec to get to the full line. And you want these filled close to full line after a change. Expect about 4.5 quarts for 85-87.
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Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurassic Park)
The Ogre's Fiero Cave (It's also at the top of every forum page...)