I have been running my Lochart oil cooler on my Norton for 36 years now and have had no problems with it, I mounted mine just under the steering head where the frame joins and is above the front gaurd so it gets clean cool air all the time, I run my oil lines along the under side of the frame and are well hidden.
When I brought my Norton new and for the first year ran without a oil cooler, during summer when stopping at lights the Norton would idial to high because it was running hot, but after putting the cooler on I never had any more problems with it getting to hot, it also runs so much better at high speeds when oil is cooler, remember these motors were made for cooler weather over in England so running a oil cooler in hot climate countries would make sense to me, I run my cooler all year round even in winter.
I do my oil changes at 2,500 miles and have never had any problems with moisture in the oil, if I throught that my motoer was running too cool in winter all you would have to do is put a cover over the cooler, but I have never done this as I haven't had any problems with the running of my motor.
So I beleive the oil coolers make a big diffrents to running I have run a oil cooler on all my British bikes and when my 650 Manxman is back on the road it will have a cooler mounted as well.
Ashley