200 F is quite optimal oil temperature for the oil viscosity vs. running clearances in the engine. There is a reason why engine manufacturers want it to run at that temperature. Too cold oil also collects water, you want to have 200F or more to vaporize it away.
I don't even drive my truck until oil has reached 170F. I prefer 200F or higher. The oil additives such as Zinc don't even start working until oil reaches 170F or higher. Until you reach these higher temps, all that is protecting your engine is just the viscosity of the oil and hardly any of the additive package that makes modern oil so great. Also any moisture in oil will evaporate less at lower temps. My N14 runs 220 or higher driving down the road...I have over 1.6 million miles on it without ever having an overhaul. Just an Oilguard bypass filter and Chevron Delo 400 oil. 1. you are fixing a non-issue 2. you will not get any significant cooling with the small amount of oil that flows through the bypass filter. 3. you will increase wear if you managed to get your oil temperature running down the road at 150F I suggest you go to sites such as Noria.com and bobistheoilguy.com to learn something about oil
why not to use syntetic oil, it is more temperature stabil and may work at higher and lower temperatures well!
Oil cooler is used not to keep oil cooler for better lubrication, but to keep oil cooler becouse oil is used to cool down some engine internals, like pistons to prevent seizing
Correct me if I'm wrong: oils do have burn off/ evaporation rate. Hot oil is "stretched" therefore all of the molecules. Besides keeping temp cooler, I might keep the oil in longer