Am I going to have a problem?

I agree it operates properly in any position, but having it oriented with the bowl down makes it a lot easier to twist the bowl off for cleaning without spilling water in the bay.

Question: Is it leaking?
Yes: you have a problem
NO: you will not have a problem so long as you remember to winterize it. by opening it up and letting it drain onto a towel if that is you winterize.

makes no difference even upside down.

The filter works off pressure not gravity. It's fine....Dennis

It makes no difference what position it is in.

Try adding or removing thread tape until it snugs up where you want it.

That is a new one. The filter assembly will not screw on enough to allow the filter to sit vertically.

Buy a new one standard size and $4-5