I'll jump in here with an opinion, just an opinion.
Why an oil cooler? IMHO, an oil cooler is employed to maintain the oil at a specified temperature (or range of temps.) And one may ask how this specified temperature is determined. It is determined by the clearances set in the bearings and the forces that the oil film must be able to withstand while keeping the two metal surfaces from coming into contact. Of course, this is a function of the viscosity of the oil and how that viscosity changes with temperature variations as well. The fact that a certain amount of heat will be moved out of the engine is a side effect. Bottom line, if the overall temperature of the engine is maintained by the coolant system such that the oil temperature keeps the viscosity of the oil in the proper range to handle the forces seen in the bearing gaps from the weight of the rotating assembly and the rpms that it rotates at, an oil cooler isn't even needed. With the advances in multi-viscosity oils, excepting the most extreme race conditions (or idling in traffic with the A/C running full blast

, this could very well be true for the vast majority of us.
So, if the oil cooler is used to maintain proper oil viscosity, that means the radiator/coolant system is used to maintain the overall temperature of the engine. But why do we do this? The commercials on TV tell us heat is the enemy of the engine, right? Well the fact of the matter is that an engine runs more efficiently at higher temperatures than we normally run, and only the heats effect on the density of air in the induction system is seen as a negative to the efficiency. Air cooled engines are more efficient than liquid cooled engines, BUT they are very difficult to maintain consistent cylinder/head temperatures in. When setting up a system (especially a mass produced and maintained system), consistency is a very important quality. Therefore, we have almost exclusively liquid cooled engines today that are very good at keeping cylinder/head temperatures consistent. So now that the decision has been made for liquid cooling, the characteristics of the coolant become the major factor in determining what the temperature of the overall system needs to be. At this point, the mechanical systems are then designed to run within those ranges, as well, putting even more emphasis on the importance of maintaining nominal engine temperatures.
So where does that leave us when setting up our cars. First we try to design the cooling system such that it can move enough heat at the extremes of the conditions it will run in to maintain the coolant system in its proper range. This means an excess capacity during most of its operation, so we put a thermostat in the system to "choke" it down in order to maintain as high a heat as possible without going over. If oil temperatures at the extremes jeopardize the proper oil viscosity, then an oil cooler should be employed. But this line of reasoning would dictate that a thermostat also be used to regulate that cooling system. Having oil with too high a viscosity for the bearing tolerances can be almost as bad as too low a viscosity; again, an oil thermostat seems the prudent thing to do.
At this point, IMHO, the KISS principal kicks in: what is the simplest, least problematic method to maintain the nominal temperature ranges. Only when a system that is the simplest is no longer sufficient to do the job, should a system that is more complex and/or more prone to damage or breakdown be considered. (Or, when it solves a logistical or packaging issue that the simple solution cannot solve.) I guess that is why I like Keith's signature line so much: "If it ain't broke, fix it until it is!"