No. Getting the oil hot enough to make a big difference in pressure would be getting it far too hot, along with the rest of the engine, to be in the normal operating range. The reason an engine loses oil pressure at operating temperature is due to the expansion of parts that carry the pressurized oil, such as the connecting rod big ends, main bearing caps, etc. If you ran the oil through a sub-zero freezer on the way back to the oil pump, there might be a noticeable difference in pressure, but any benefit from a room-temperature cooler is pretty much imaginary for a stovebolt engine.
If you're running a midget 4 cylinder with dual overhead camshafts and a turbocharger, and winding it up like a bumblebee on steroids, an oil cooler might be a good idea. On a stovebolt engine in street trim at anything resembling stock horsepower, it's just stupid.
Jerry
Last edited by Hotrod Lincoln; 01/04/2014 1:14 AM.