Previous approaches for improving the efficiency of incandescent light bulbs (ILBs) have relied on tailoring the emitted spectrum using cold-side interference filters that reflect the infrared energy back to the emitter while transmitting the visible light. While this approach has, in theory, potential to surpass light-emitting diodes (LEDs) in terms of luminous efficiency while conserving the excellent color rendering index (CRI) inherent to ILBs, challenges such as low view factor between the emitter and filter, high emitter (>2800 K) and filter temperatures and emitter evaporation have significantly limited the maximum efficiency. In this work, we first analyze the effect of non-idealities in the cold-side filter, the emitter and the view factor on the luminous efficiency. Second, we theoretically and experimentally demonstrate that the loss in efficiency associated with low view factors can be minimized by using a selective emitter (e.g., high emissivity in the visible and low emissivity in the infrared) with a filter. Finally, we discuss the challenges in achieving a high performance and long-lasting incandescent light source including the emitter and filter thermal stability as well as emitter evaporation.