The oil cooler is simply bypassed when not needed. Your oil is getting to where its supposed to be and getting there at the right temp. I took a 300 mile trip yesterday and the outside temp never got above 18. My engine also felt warm but not hot. I'd keep an eye on your temp gage for a while but I don't think you have a real problem.
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Orland Park, IL
1985 300SD 215,000 miles
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