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Lots of info on this set up if you look for it here. Sounds good but if you go down and puncture or \\;break the guard or a fitting I wonder what the chances are of getting sprayed with hot oil?
You can do it but be sure to flush out the inside very well first. I would not simply because of the thermal characteristics of the pipe itself versus a finned radiator. Radiator cools better. But any oil cooler that adds more oil to the sump is good as the more oil you add the cooler it runs and the longer the oil lasts.
 \\;I would agree with KBFXDLI \\;as I work on bikes @ night and weekends and cars during the day. The fins are there for a reason, nothing cools better than fins, just like your engine, notice your engine is not just a solid block, but finned for a reason.
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