I have some new data. Yesterday I ran my car at thunderhill in N Cal. The air temp was 102F for the last 3, 15 min sessions. Track temp 135F. Air temp 1 foot above track surface in center of front straight had to be 115F+.
A full run without running pump and starting with a hot box resulted in 190F oil in the box. That's hot but not too hot. Ran the next session about 40 mins later and after 5 laps oil was at 190F again. Ran pump for 2 more laps and oil dropped to 165F.
System works. But unless you have a lot more power, run much longer sessions, or run the car in Saudi Arabia then I don't think it's necessary. Certainly not on a street car.
Oh and as you can see from my pictures, draw oil from box at drain hole and return to either the top of the box over the R&R and 5th or back into the fill hole. Add enough extra oil to fill the lines, filter, pump, and cooler and it will be full all the time