Buckwheat (and anyone else)- Remember that the air requirements for the engine at speed (3-4 times more air and having to enter the engine compartment at freeway speeds and higher) is much different than at standing still and idling or running around town. Someone on the Samba once calculated/guesstimated? that the air intake vents below the back window in a beetle at about 30 sq. inches and the vents in the decklid another 30; iIrc, my older intermeccanica doesn't have half the first amount. And yes, I've measured it. VW put air intake vents in the deck lid as the air requirements increased; 2 sets in 1970 when engine size increased to 1600cc's and 2 more in '72 when they realized there needed to be more air for the new doghouse fan/shroud (and they were starting to tune the motor to run hotter for better emissions).
I've said this before but I will repeat myself because not enough people understand it's importance; lack of air intake capability is the major cause of a signifigant number of people's overheating problems (in the aircooled VW world as well as VW based replicars). The doghouse fan draws 1250 to almost 1500 cfm (200-250 cfm MORE air than the earlier fan) at 4000 rpms. Couple this with dual carbs that use at least twice the 124cfm a stock 34-3 solex flows, remembering that a 2200-2400 cc motor with 48mm carburetors can draw upwards of 1,000 cfm at full throttle (even a pair of 40mm Webers and Dels are capable of 700-800 cfm, depending on venturi size), and you can see the need to increase the air intake capability of these cars.
A simple air pressure test can be done with clear aquarium air tubing (I got a 20 ft. piece at a local pet shop for $3). Affix one end to the shroud (near the coil works) and have your helper sit in the passenger seat with the other end in a glass of water. Sitting still and at idle, note the water level in the tube; now open the engine lid (this is where the extra tubing comes in handy). If there is much of a difference I'm guessing the results later are going to surprise you!
Drive around town a little bit with your partner watching what happens to the water level in the tube in different conditions; different steady rpms at different speeds and accelerating. Now see what's happening out on the highway. Water rising up the tube means the motor is using more air than the engine compartment can supply.
A car may seem to run fine around town (even when getting on it constantly), yet run hotter on the highway; this can come from the fact that at lower speeds air can turn the corner into the engine compartment through the decklid easily, yet the air pressure (and turbulance?) outside the engine lid at highway speeds is different, not allowing the motor to feed itself. This is why air intake from the front of the engine compartment is beneficial; it allows the motor to stay reasonably cool on that high speed romp on the freeway or those twisting canyon roads!
A couple more points: adding an extra cooler before figuring out the air intake situation in the engine compartment could be a disaster (Gene Berg called this putting a bandaid on your elbow for a hurt on your knee, or not fixing the problem); the result will certainly be cooler oil but the cause of that oil getting too hot hasn't been addressed. You could drive away happily into the sunset, only to have the motor die from overcooked heads; it won't happen anywhere convenient and likely the heads (and maybe the pistons and cylinders, bearings...) will need to be replaced. When dealing with big, hot rodded motors, oil temp and cylinder head temp gauges (while not essential) are invaluable, as they let you know exactly what's going on.