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I've run coolers on a couple of Camaros in the past, and I think the do help keep the engine temps down. I was even thinking of adding one when I pull the radiator and condensor this spring.
You really need to get them in the airflow. I see that you can get them with an electric fan mounted to the cooler itself so it don't have to sit in the airflow.
Anyway, I don't really see a nice place to mount the cooler, without a fan, in the airflow. Has anyone else mounted one near the frame rails or something similar?
We found a used Z51 oil cooler from a C4 that adapts to the oil filter area on the engine. It's water/water and runs up through the radiator. It's a Corvette part, but we have maybe $45 in everything with the new pipes up to the radiator. Unfortunately, we are not far enough along to drive the car, but expect a quicker engine warmup, 10-15 degrees cooler operating temperature, and a more stable operating temperature.