The Chevy OEM's that I've looked at run in the filter circuit ..which is dictated by the in block bypass valve mechanism. The thought being that as the fluid thinned, the flow would breach this threshold less. Some install a 30lb in block bypass spring (it comes as a unit, iirc).
The mid 80's Ford auxiliary coolers used something similar, but due to the bypass mechanism being in the filter, they used a sandwich adapter with a lightly sprung ball and seat setup. The same theory applied. The thinner the oil got ..the higher the flow rate though the cooler. What couldn't make it ..just got shunted to the normal pathway.
Permacool does this the same way. They assure that, under most conditions, no more than 2PSID is seen across the cooler circuit.
The only exception that I recall is a Hayden sandwich. It used a bimetal spring that closed over the bypass port as the oil temp warmed. I never determined if the bimetal spring also acted as a bypass valve. That is, I don't know how much tension it placed on the port. It may bend like a reed in the wind ..or be rather fixed, regardless of the pressure differential it saw. There are also some that use the bi-metal spring sorta like a rail changer. The oil flows on one side or the other of the bi-metal spring. The spring is fixed on the exterior of the housing when hot ..and the interior of the housing when cold. The oil flow hits it and is channeled in one direction or the other. The force of the oil flow would kinda make it want to stay were it was. It was a rudder on the front end of the ship (if you see what I'm saying).