To answer a few questions....
No the car never had an air to oil cooler before. The engine is however just a stock stromberg TC, so in is not producing any extra power to cool.
I too was a bit sceptical about water to oil cooling. I did a fair bit of research before hand. Mocal/laminova quote that even this small cooler has the equivalent cooling capacity of a 10 row air to oil cooler. Also the Lotus Elise / Exige guys have been using them on their cars with success.
I looked at installing an air to oil cooler but if it was placed at the rear of the car and shrouded I wasn't confident in the actual airflow for cooling it would get. Running oil lines all the way to the front of the car didn't grab me. Apart from the plumbing and aesthetic issues it would have added complexity to oil changes. I suppose I was taken too by the neatness of the water to oil cooler being unseen under the car.
Some manufacturers like Toyota and VW have used water to oil cooling in the past.
At this stage there has been no apparent rise in coolant temp. With the new / clean aluminium radiator that is properly shrouded, is the Europas water cooling really that marginal? Just speculating, but the engine is producing X amount of heat, so by removing some of the heat from the oil, would that not lower the amount of cooling required from the coolant flowing through the head / block?
Unfortunately I never did have an oil temp reading before hand so I can't make a justified comparison. Also the outside air temp has been less than 25*C so far.
No saying that this is the ultimate solution, just that it has worked for me so far.