PaulE
Hi there and welcome to the XJS Forum BB.
Re Oil Coolers - if you have a V12 it needs its oil cooler to run at a reasonable temperature. If the system fails in any way it must be repaired. End of story.
However, if you have a six cylinder car the oil cooler system is essentially "over-specced" and surplus to requirements, (unless you intend to tow a caravan over the Alps in high summer and even then you might not need it!).
I believe the "standard part" is in fact an XJ40 part - they were never fitted with oil coolers!
If your oil cooler system is working all well and good. However if the system fails, ie springs a leak it is much easier and much more cost effective to do away with it by fitting the by-pass assembly to the engine block. (The cooler pipes seize in the cooler, writing off pipes and cooler, the rad and A/C Condenser have to be removed to replace the pipes, the parts are expensive etc. etc).
I ran a 3.6 Coupe with the by-pass fitted for three years without noticing any increase in running temperature even in the hottest weather.
The above comments on six cylinder cars assume that the water cooling system, especially the radiator is functioning properly and is not blocked in any way inside or out (with oil, road dirt, leaves and other crap), nor deteriorated phsically eg cooling gills falling out!
That's pretty much it!
Best Wishes
DH Dove