I don't know if would be able to find a way to incorporate one (but I know that you are more than capable of figuring it out) but the marine 502's used to have a thermostatically controlled oil cooler that sandwiched between the block and the filter. IIRC the thermostat was set at about 220; below that the oil went straight to the filter, above that it went to the cooler first.
My Canton thermostat (the one you reference) works great but is huge - especially once you get 4 -12 lines going through it. Earls makes a much more reasonably packaged t-stat that is just slightly bigger than a deck of cards.
That being said - I don't think that you need one with the water based cooler. But I might be mistaken.
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James
1967 Camaro RS - The OLC
1967 Camaro RS - Recycler
1969 Camaro - Dusty
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