Ret.Bugtech has been wrenching on these critters longer than a lot of us have been around . . . he knows his stuff!!! Use a dog-house cooler, make sure you have all the tin CORRECTLY installed, set your maximum timing to 32 degrees advance and don't worry too much about it. Anything you do to make the oil run cooler (deep sumps, aftermarket coolers, etc.) is a bonus, but make sure you do it right. Like Ret.Bugtech says, putting the cooler over the air intake on the fan shroud will take the heat from the oil and blow it back across your engine . . . it doesn't help, and could even make things worse.
You can get a general idea of the health of your exhaust valves by how fast they get tight. If you have one that is getting extrememly tight every time you adjust them (at least every 2000 miles, when you change your oil and adjust your points and timing), it means that the valve is stretching . . . and it will only stretch so far before the valve head drops off in the cylinder. If it happens at 70 mph, I can show what will happen to the piston, and it ain't pretty. If the valve is starting to stretch excessivley, it's time to pull the head off, clean it up, and replace the exhaust vavles.