Standard oil coolers are more efficent at cooling the oil if you have the space for them.
The physics are pretty complicated when you consider the situation in its entirety.
Water is a much more effective conductor of heat than air, by several magnitudes. that, after all, is why people dropped into the sea at 0C die almost instantly while people survive for much longer at 0C in still air. If you don't believe me, try it.
But, in the case of a car you have -- for water/oil -- to consider both the capacity of the water to remove heat from the oil and the air to remove heat from the water.
Equally, in the case of air/oil you have to consider the airflow.
Formula 1 stuff -- technically advanced, though it is -- bears no real relationship to other car competition. Here, aerodynamics are God, and you can't even risk starting them before oil and water are up to temperature. The whole thing is governed by rules which encourage only innovation on a nano level.
Many manufacturers have used water/oil only to drop it because of issues with the cost and reliability of the oil in radiatator systems -- the Alfa ones, at least, have a reputation for corroding because some chump decided to use steel.
I wonder, do these guys live on the planet Zarg or were the penny counters sitting at their elbow?
Jamie's car, though, because it is so air flow challenged, seemed to me almost the perfect case for Laminova. Even without the oil cooler it's got a compromised intercooler.
I've seen ads for little pear shaped inserts to fit into the intake system -- post turbo -- of cars. These are fed by liquid CO2 and act as charge coolers -- so it is claimed. Not exactly sensible on a street car, as there's no recovery system. But given a portable air conditioning plant to drag around I wonder if they could be fitted up to the air con unit? :idea: