OT-Ford Truck Engine Question?

Sorry for the Ford question but I know you can help.

I have an older (87) truck that I use for towing. It has a 460 and is set-up to tow. Apparently it had an engine oil cooler. At some point, someone had bypassed the cooler and ran a high-pressure rubber hose and attached the two nipples. This developed a leak and squirted oil all over. Not fun.

I am wondering, can I cap the lines off at the housing and do away with the cooler? Or is it needed for circulation? I had thought about removing the housing, but I am not sure now it looks like it needs to stay.

For obvious reasons I would like to avoid this again. Two more years until I get the Cummins.......

Thanks, ROB