Well, I'm not so sure that cooler would always be better, in this instance. In some respects, you really want the oil to be hot for proper lubrication. I think if you could arrange it thusly, you would want the engine to be hot on the lower end, relatively speaking, but the air intake and fuel delivery system to be cool.
I remember back in the old days, I had a cool can on my '66 GTO whereby you could put ice in the can and the fuel line ran through it to cool down the fuel before going to the carburetor. Don't know how well it actually worked, but it looked cool under the hood..
