First off there are multiple brands that claim to be compatible with the Mercon SP. I would say that if its a reputable dealer/brand then it should be fine and they should stand behind their product. However if something does go wrong and they don't stand behind it then it will get very expensive very fast. $12 dollars a quart is a lot but its cheap compared to a tear down and rebuild.
As far as the filter goes there should be an external filter on the Torque Shifts on the R/side of the motor up near the radiator. Around the shop we called it a "toilet paper filter" due to the fact that when you take it out of the box it looks like a small roll of TP. This one will actually catch deposits and not just the chunks that the screen catches. Hope this helps.
Good luck!