Either the 2.7 filter is very old tech or you don't have a handle on the full system. 
I don't know the specifics of the 2.7 filter setup, but work in filter R&D, and just got back from a conference where the state of the art in diesel filtration was presented. 
Originally, diesels had a purely gravitational water trap like you describe, followed by a filter for the dirt. 
Then filter development advanced, so coalescer media was used to agglomerate small water drops into larger water drops, to allow them to settle out easily - again by gravity. 
The advent of commonrail technology meant higher standards of fuel filtration were needed - both in terms of water and dirt, as well as better diesel. The problem was the lubricity additive packages (including biodiesel) make water drops finer, and also mean that water can be dissolved and can separate out of the diesel after the filter(s).
So modern commonrail diesels might have an old tech water trap at the start for bulk water (however this is unlikely), but they have a coalescer stage followed by a water separation barrier.
e.g. something like this:
 http://www.velcon.com/images/os1.gif
 
http://www.velcon.com/images/os1.gif
Is it possible you have missed the separation media after the coalescer media???
However if water gets past the separator media, you can't be sure if it is due to flooding of the media or water that has separated out of solution later.
If you want to add additional filters, buy them from reputable manufacturers. The cav type filters are good as a pre filter, but are not up to the standard needed for modern commonrail engines. You could be better off buying a CAT/Donaldson/MANN+HUMMEL filter designed for a commonrail engine.
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