Oil coolers become necessary if you consistantly run oil temps over 250 degrees F or 120 degrees C. There are 2 basic types, oil to air and oil to water heat exchanger.
If you have a cooler and run temps under 180 degrees or about 80C you need to block off the cooler. Having to low a temp will destroy your engine faster than to high a temp. This is because the oil is working within it's operating temp for proper lubrication.
This is the advantage of oil to water heat exchangers. The coolent will heat the oil up but keeps it at a consistant temp when hammering on the car.
I run a 427 so and the gauges typically read 80 deg c for water and 100 deg c for oil. I've read here the the two temps should be similar. Are these numbers within an acceptable range or might I have an issue?