The front mounted oil coolers on 911s are highly efficient and work very, very well. Keep in mind, for air cooled 911s, the oil is both lubrication and cooling, so this system has to work very well so as to not impede the lubrication flow and pressure, and, bring the operating temps down efficiently. On 911s between '72 and '89 there are three types of coolers - the radiator type is quite similar to the original GT40 Lycoming/Continental cooler but comes equipped with a cooling fan as well (typically). It's also significant to note that the lines running to and from the cooler provide a large amount of the cooling - they are run exposed to the air in a recessed pocket in the rocker area. These coolers are run on the low pressure/return side of the system. With lines properly run and the cooler mounted in an area of good flow, a front mounted oil cooler would be quite effective in bringing temps down in a GT40.
Another cooler that is frequently run by the porsche crowd in a front mounted under-bumper configuration is the oil cooler from a Mazda RX7 - about $100 on ebay.