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I too have 2.7 conversion and have fitted the oil cooler from a 325i.
Before I fitted the oil cooler during an oil change I scalded my hand with the oil. I do drive it pretty hard but this oil was so hot that my cheapo drain pan went a bit floppy and that's with Silkolene Pro-S synthetic oil.
Since fitting the oil cooler I have noticed a drop in running temperature as well as a drop in oil consumption. I was using a litre per 4000 miles, whereas I now use about 1/4 litre in 4000.
After a hard run I can feel the temperature difference from one side of the cooler to the other. Very effective.
I also noticed a difference when I swivelled the oil cooler take-off plate round 180 degrees. Normally the oil filter sits close to the exhaust manifold/downpipes so turning the plate through 180 sits the oil filter towards the front of the engine keeping it cooler and also making it easier to get to.
I have a habit of fitting a neodymium magnet on the end of my filters to contain any metal fragments inside the filter so I can be sure they are removed when the filter is changed.
Cheers,
Iain T
2007 Mazda 6 2.0 estate
Political Correctness - A concept based on the idea that its possible to pick up a turd by the clean end !